U.S. stocks weekly: Dunked

Reuters

U.S. stocks weekly: Dunked

Nov 15, 2024 at 10:07 pm GMT

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** S&P 500 .SPX loses 2.1% as Powell douses hopes for Dec rate cut .N

** Weakness sets in just as SPX nears big barrier just above 6k; indeed, bulls suddenly in no hurry as post-election rally stalls

** Nasdaq composite .IXIC races to new highs, and for once, not gasping for "breadth," but then reverses; by Fri, Nasdaq advance/decline line hits new lows, IXIC ends down 3.1% for the week

** Nearly all sectors take a plunge: Healthcare drenched most, while just Energy and Financials stay afloat

** Healthcare .SPXHC plummets 5.5%. Drugmakers extend declines after Trump picks RFK Jr to lead top US health agency. Vaccine maker Moderna MRNA.O sheds 21% on week

AbbVie ABBV.N declines as schizophrenia drug fails in mid-stage studies

For the week, Nasdaq Biotech index .NBI sinks 10%

** Materials .SPLRCM melt 3.3%. Might gold's XAU= recent stumble turn into a real tumble? ARCA gold bugs index .HUI craters ~8%

** Tech .SPLRCT descends 3.2%. Applied Materials AMAT.O falls as fiscal Q1 rev forecast signals weak spending outside AI chips

Semiconductor index .SOX submerges nearly 9%

** Industrials .SPLRCI sag 2.1%. Defense, government contractor stocks extend recent slide as investors eye Trump's proposed DOGE (Department of Government Efficiency). Leidos LDOS.N and General Dynamics GD.N fall 19% and 7%, respectively, on the week

S&P 500 Aerospace & Defense index .SPLRCAERO loses 5%

** Communication Services .SPLRCL slip 2.1%. Though Disney DIS.N jumps and is top SPX performer as 'Deadpool & Wolverine' stars in quarterly beat. DIS notches 16.2% weekly gain for best such showing in 24 years

** Consumer Discretionary .SPLRCD dips 1.1%. Though Home Depot HD.N up after forecasting smaller drop in annual same-store sales

And Coach parent Tapestry TPR.N hits over decade-high after pulling $8.5 bln deal for Capri CPRI.N

** Financials .SPSY climb 1.4%. Charles Schwab SCHW.N gains on strong client asset growth in October

** Meanwhile, Bitcoin BTC= soars above $90,000 as it extends post-election gains, amid volume surge

** SPX performance YTD:

Financials	32.3%
Comm Svcs	32.1%
Tech	31.8%
Utils	24.7%
SPX	23.1%
Industrials	21.7%
Discretionary	21.4%
Staples	12.9%
Energy	12.8%
Real Estate	7.0%
Materials	6.3%
Healthcare	3.9%