U.S. stocks weekly: Rattled
** S&P 500 SPX drops third-straight week, loses 3% amid diminishing hopes for Fed rate cuts, Middle East worries
** Cboe Volatility Index VIX, Wall Street's 'fear gauge', breaches the 20 level as rate anxiety and geopolitical tensions cocktail keep investors defensive
** Indeed, as SPX takes out 10-week, and 50-day, moving averages, tumble intensifies
** This, with sputtering Nasdaq IXIC thrust, gravity prevails
** Just as U.S. 10-Year Treasury yield US10Y bumps up against big chart barrier
** By Fri close, S&P 500 back below 5,000, now down >5% from record closing high, as percentage of index stocks above their 50-DMAs has taken a plunge
** Most sectors stunned: Technology and Consumer Discretionary most fazed, while Financials and safe havens show spunk
** Tech S5INFT slumps 7.3%. Chip stocks fall as investors wary of high interest rates.
Semiconductor index SOX dives >9% for worst performance since week beginning June 27, 2022
** Consumer Discretionary S5COND drops 4.5%. Tesla TSLA extends weekly skid to 14% amid Cybertrucks recall, global job cuts of 10% and Deutsche Bank downgrade on risks from Robotaxi pivot, Model 2 delays
** Real Estate S5REAS crumbles 3.6%. Prologis PLD tumbles after warehouse REIT warns of slowing freight demand
** Communication Services S5TELS stumble 3.2%. Netflix NFLX falls on move to stop reporting subscriber tally
Ticketmaster parent Live Nation LYV slides on report DOJ to file antitrust suit
** Industrials S5INDU decline 2%. Credit ratings firm Equifax EFX plunges on below-consensus Q2 rev forecast as rates remain high
But United Airlines UAL soars 23% on strong profit forecast, boosts peers
** Healthcare S5HLTH flat. UnitedHealth UNH gains as Q1 profit beats estimates despite massive disruptions caused by Feb cyberattack on its tech unit
** Financials SPF up 0.8%. Morgan Stanley MS rises as Q1 profit beats on investment banking, wealth management strength, and Goldman Sachs GS climbs on highest qtrly earnings since 2021
** Meanwhile, individual Investor bulls, bears hit levels not seen since early Nov
** SPX performance YTD:
Comm Svcs | 14.0% |
Energy | 13.4% |
Financials | 7.3% |
Industrials | 5.7% |
Staples | 4.2% |
SPX | 4.1% |
Materials | 3.8% |
Utils | 3.2% |
Tech | 3.0% |
Healthcare | 1.8% |
Discretionary | -2.5% |
Real Estate | -10.6% |