U.S. stocks weekly: Spooked

Paycom Software

01/11/2024 20:40

** S&P 500  .SPX  falls second straight week, loses 1.4% as
earnings season dominates the headlines  .N 
    ** Dow  .DJI  edges down for a second week in a row, while
Nasdaq Composite  .IXIC  ends seven-week run of gains
    ** Indeed, S&P 500 index is struggling to rekindle its
spirit
    ** Benchmark U.S. 10-year Treasury yield  US10YT=RR 
climbing into the Cloud, and on track to rise for an eighth
straight week 
    ** Nearly every sector startled: Technology most timid,
while just Consumer Discretionary and Communication Services
show grit
    ** Tech  .SPLRCT  dives 3.3%. Super Micro  SMCI.O  plunges
45% on the week after EY resigns as AI server maker's accountant
    Apple  AAPL.O  falls as modest growth forecast sparks demand
concerns
    Microsoft  MSFT.O  declines, sees slower growth in cloud
business Azure
    But Intel  INTC.O  jumps after upbeat Q4 outlook fuels
recovery hopes
    However, chip stocks drop after Advanced Micro  AMD.O ,
Qorvo  QRVO.O  dour forecasts
    Semiconductor index  .SOX  sags 4%
    ** Energy  .SPNY  slides 2.1%. Sector falls Tues after
report of talks to end Lebanon war. On Fri, Chevron  CVX.N 
rises on Q3 profit beat, and Exxon Mobil  XOM.N  climbs at first
on earnings beat due to rising production, but finishes session
in the red
    Crude oil futures  CLc1  drilling down to support, is it
solid?
    ** Industrials  .SPLRCI  slip 1%. Huntington Ingalls  HII.N 
sheds >25% after military shipbuilder cuts rev forecast
    Boeing  BA.N  bounces back Tues after up to $24 bln capital
raise, and climbs Fri after making improved contract offer to
striking workers. BA ends week down fractionally
    Though Paycom  PAYC.N  registers record daily gain after Q3
results beat. PAYC top SPX weekly performer, up 28%
    ** Healthcare  .SPXHC  dips 0.6%. Eli Lilly  LLY.N  falls as
weight-loss drug sales miss estimates
    ** Consumer Discretionary  .SPLRCD  edges up 0.5%.
Amazon.com  AMZN.O  advances as favorable retail sales boost
profit, and cloud business seen on track for growth
    ** Communication Services  .SPLRCL  rise 1.5%. Google parent
Alphabet  GOOGL.O  gains as AI investments boost cloud sales
    In contrast, Facebook/Instagram owner Meta  META.O  down
after projecting sharp acceleration in AI costs
    ** Meanwhile, with election day nearing, markets focus in on
two likely outcomes
    ** SPX performance YTD:    
    
 
 
 (Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com
terence.gabriel.tr.com@reuters.net
terence.gabriel@tr.com))