U.S. stocks weekly: Speed bump

Reuters

U.S. stocks weekly: Speed bump

Oct 4, 2024 at 8:38 pm GMT

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** S&P 500 .SPX advances fourth straight week, but edges up only 0.2% amid key economic data and Middle East caution .N

** So far, SPX setback from record highs just small

** Nasdaq .IXIC also ekes out weekly gain, +0.1%, and rises for fourth week in a row, though there is a red flag warning

** In any event, the question is as U.S. stock bulls run, can animal spirits keep pace?

** Benchmark U.S. Treasury 10-year yield US10YT=RR hits two-mth high Fri, nears 4%

** Majority of sectors gain: Energy goes in overdrive, while bond proxies and Materials have worst suspension problems; that said, down the stretch, Momentum increased its lead

** Energy .SPNY surges 7%. Sector accelerates as crude prices spike on fears of widening Middle East conflict, supply disruption

** Financials .SPSY up 1%. Bank stocks up after jobs report points to still-strong economy

** Industrials .SPLRCI add 0.4%. Defense stocks gain after Iran launches missile barrage at Israel. Lockheed Martin LMT.N and RTX RTX.N, formerly Raytheon, both ascend ~4% on week

** Tech .SPLRCT ticks up 0.1%. At first, U.S. chipmakers fall as jittery investors await jobs data, Fed comments, but by Fri, Advanced Micro AMD.O up 4% for the week, Nvidia NVDA.O up 3%

Though Semiconductor index .SOX inches down 0.2% for week

** Healthcare .SPXHC off 0.9%. Humana HUM.N slides 25% as 2025 membership for top-rated Medicare Advantage plans slump

Though CVS Health CVS.N rises after report co exploring options including potential break-up

** Consumer Discretionary .SPLRCD down 1.2%. Nike NKE.N tumbles on annual rev forecast withdrawal

Tesla TSLA.O falls as Q3 deliveries miss Street estimates

Homebuilders drop as blowout jobs report drives yields higher

** Materials .SPLRCM retreat 2%. Gold miners fall as dollar rebounds on safe haven demand from escalating Middle East tensions. Amex Gold Bugs index .HUI slides >3%

** Meanwhile, in September, individual investors a bit more brash as they tap their cash stash, but more recently, bulls rein in their horns

** SPX performance YTD:

Comm Svcs	29.7%
Tech	29.0%
Utils	28.3%
Financials	21.3%
SPX	20.6%
Industrials	18.8%
Staples	14.5%
Energy	12.2%
Discretionary	12.1%
Healthcare	11.2%
Materials	11.1%
Real Estate	8.5%