ReutersReuters

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%

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