U.S. stocks weekly: Fed hangover

Splunk

22/09/2023 21:39

** S&P 500  .SPX  falls for 3rd straight week, slumps 2.9%
in wake of hawkish Fed  .N 
    ** Indeed, the U.S. 10-year Treasury yield  US10YT=RR   hits
16-year peak as U.S. central bank sees rates higher for longer
    ** This, as the SPX braced for the Fed, and now for a change
of seasons
    ** While the Nasdaq Composite  .IXIC , on the back foot, is
internally beaten up, and has traders eyeing support
    ** Every sector staggers with consumer discretionary most
dazed
    ** Consumer Discretionary  .SPLRCD  falters 6.3%. Goldman
Sachs cuts Tesla's  TSLA.O  earnings estimate due to lower
selling prices. TSLA skids ~11%  
    ** Communication Services  .SPLRCL  drops 3.2%. But Fox
 FOXA.O  and News Corp  NWSA.O  rise on Thurs after Rupert
Murdoch hands reins to his son, Lachlan
    ** Financials  .SPSY  fade 2.8%. Banks continue bad run post
Fed meeting 
    S&P 500 banks Index  .SPXBK  and KBW Regional Banking Index
 .KRX  lose 3.5% and 5%, respectively
    ** Industrials  .SPLRCI  retreat 2.7%. Though FedEx  FDX.N 
rises after profit beat, improved forecast
    **  Tech  .SPLRCT  tumbles 2.6%. Cisco  CSCO.O  falls after
$28 bln deal for data analytics firm Splunk Inc  SPLK.O 
    Nvidia  NVDA.O , other chip stocks stall over valuation,
industry worries. Semiconductor index  .SOX  surrenders >3%
    ** Energy  .SPNY  loses 2.3%. This with crude futures at a
crossroads on the charts. At $90.36, NYMEX futures  CLc1  on
pace to end three-week winning streak  O/R 
    ** Meanwhile, grocery delivery app Instacart  CART.O  falls
below IPO price as debut enthusiasm fades, raising doubts over
new listings revival 
    ** 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))