U.S. stocks weekly: Spooked

Reuters

U.S. stocks weekly: Spooked

Nov 1, 2024 at 8:40 pm GMT

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** 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:

Comm Svcs	30.1%
Tech	29.1%
Financials	23.6%
Utils	23.2%
SPX	20.1%
Industrials	17.4%
Discretionary	14.1%
Staples	13.0%
Materials	8.4%
Healthcare	8.3%
Real Estate	6.5%
Energy	5.6%