U.S. stocks weekly: Tap the brakes

Universal Health Services

25/10/2024 21:48

** S&P 500  .SPX  snaps six-week winning streak, loses 1% as
corporate reports pour in  .N 
    ** This as the benchmark index sees another spooky turn
    ** Dow  .DJI  also ends six-week string of gains, though
Nasdaq Composite  .IXIC  extends its winning streak to seven
weeks  
    ** With this, the composite finally scores a fresh record
intraday high
    ** Benchmark U.S. 10-year Treasury yield  US10YT=RR  on
track to rise for a sixth week in a row, though can the climb
clear the Cloud?   
    ** Nearly every sector yields: Materials reverse most, while
just Technology and Consumer Discretionary make headway
    ** Materials  .SPLRCM  recede 4%. Gold miner Newmont Corp
 NEM.N  falls after Q3 profit miss, and as bullion edges lower.
And when it comes to gold  XAU= , a battle line is drawn
    Steelmaker Nucor  NUE.N  drops after Q3 profit decline
    ** Healthcare  .SPXHC  drops 3%. Hospital operators fall as
HCA  HCA.N  misses earnings estimates, dented by hurricane
    ** Industrials  .SPLRCI  sag 2.8%. Boeing  BA.N  falls Weds
after posting $6 bln qtrly loss, continues descent Thurs after
workers reject wage deal, extend strike. Still, BA essentially
flat on week
    UPS  UPS.N  jumps on better-than-expected qtrly profit ahead
of holiday season, boosted by rebounding volumes, cost controls
    ** Tech  .SPLRCT  ticks up 0.2%. Western Digital  WDC.O 
gains after memory chip maker tops profit estimates. And on Fri
Nvidia  NVDA.O  briefly surpasses Apple  AAPL.O  as world's most
valuable company
    Qualcomm  QCOM.O  falls on report Arm  ARM.O  to cancel its
chip design license, and IBM  IBM.N  falls after Q3 revenue
misses estimates
    Though Lam Research  LRCX.O  rallies ~7% on strong Q2 rev
forecast, and Texas Instruments  TXN.O  rises after
third-quarter results beat
    Semiconductor index  .SOX  ekes out fractional weekly
advance
    ** Consumer Discretionary  .SPLRCD  up 0.9%. Tesla  TSLA.O 
soars as Musk allays fears, expects EV volume growth next year.
Stock adds to gains Fri as brokerages raise PTs, accelerates 22%
on the week
    Tapestry  TPR.N  rises after US judge blocks merger with
handbag maker peer Capri  CPRI.N  
    In contrast, McDonald's  MCD.N  slides on E. coli outbreak,
and Starbucks  SBUX.O  falls Weds after suspending annual
forecast
    Genuine Parts  GPC.N  tumbles 20% on lowered forecast,
earnings miss
    ** Meanwhile, individual investor bulls tumble to a 6-month
low
    ** 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))