U.S. stocks weekly: Jitters

Welltower

05/08/2024 11:00

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

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
SP 500 2024 YTD THROUGH AUGUST 2    https://tmsnrt.rs/3WRit5m
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
 ((mailto:lance.tupper.tr.com@reuters.netmailto:lance.tupper@tr.
commailto:terence.gabriel.tr.com@reuters.netmailto:terence.gabri
el@tr.com))