U.S. stocks weekly: Jitters

Welltower

02/08/2024 21:54

** S&P 500  .SPX  extends losing streak to three weeks,
slides 2.1% as recession fears reemerge  .N 
    ** Though 100-DMA, just above 5,300, acting as support,
essentially contains SPX weakness
    ** Cboe Volatility Index  .VIX , Wall Street 'fear gauge',
leaps on Fri to nearly 30, closes at highest since Mar 2023
    ** Nasdaq  .IXIC  slumps 3.4% on the week, confirms
correction; indeed, four FANGs fail to fend off further Nasdaq
flop
    ** U.S. 10-Year Treasury yield  US10YT=RR  crashes as low as
3.79% after soft jobs data; Make-or-Break week for the yield,
looks like a break in the Cloud
    ** Majority of sectors recoil: Consumer Discretionary and
Tech cringe most, while defensive plays, bond proxies provide
some shelter
    ** Consumer Discretionary  .SPLRCD  plummets 4.3%.
Amazon.com  AMZN.O  tumbles on slowing online sales growth
    Though McDonald's  MCD.N  rises despite surprise drop in
global sales as it says $5 meal resonating with lower-income
consumers
    ** Tech  .SPLRCT  sheds 4%. Intel  INTC.O  plunges ~31% on
the week on downbeat Q3 rev forecast, dividend suspension, job
cuts; weakness spills over across chip stocks
    Semiconductor index  .SOX  dives nearly ~10%
    Microsoft  MSFT.O  falls after cloud results raise questions
over AI spend
    A bright spot, Apple  AAPL.O  rises after Q3 rev beat, as
analysts see upside from services with next iPhone upgrade cycle
    ** Energy  .SPNY  retreats 3.7%. Chevron  CVX.N  drops after
profit miss, and Hess  HES.N  declines as proposed sale to CVX
faces fresh delay
    Exxon Mobil  XOM.N  reports profit beat, finishes week down
fractionally
    ** S&P Financials  .SPSY  fade 3%. Banks fall amid growth
concerns after weak economic data
     S&P 500 banks index  .SPXBK  trips 8%, KBW regional banking
index  .KRX  stumbles 9%
    ** Industrials  .SPLRCI  crumble 2.8%. Boeing  BA.N  lifts
Weds after naming Kelly Ortberg new CEO to steer turnaround as
cash burn rises. Still, BA descends 9% on the week
    However, freight giant C.H. Robinson  CHRW.O  surges after
Q2 earnings beat, JP Morgan bullish upgrade
    ** Communication Services  .SPLRCL  gains 1.3%. Facebook
parent Meta  META.O  advances on upbeat rev forecast as digital
ad sales counter AI spend worries
    ** Real Estate  .SPLRCR  rallies 2.8%. Senior housing REIT
Ventas  VTR.N  climbs after Q2 FFO beat
    ** Meanwhile, AAII Bears thin out, Bulls fatten up
    ** 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))