U.S. stocks weekly: Tap the brakes

Reuters

U.S. stocks weekly: Tap the brakes

Oct 28, 2024 at 10:00 am GMT

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Repeats from Friday with no changes to text. Updates chart

** 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:

SP 500 2024 YTD THROUGH OCTOBER 25 https://fingfx.thomsonreuters.com/gfx/buzz/lbvgjoyrlpq/SP%20500%202024%20YTD%20through%20Oct%2025.jpg

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)

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