U.S. stocks weekly: Spooked

Paycom Software

04/11/2024 11:00

(Repeats from Friday with no changes to text. Updates chart)
** 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:

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SP 500 2024 YTD THROUGH NOVEMBER 1    https://fingfx.thomsonreuters.com/gfx/buzz/akveemrgzvr/SP%20500%202024%20YTD%20through%20Nov%201.jpg
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(Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
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ommailto:terence.gabriel.tr.com@reuters.netmailto:terence.gabrie
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