BUZZ-U.S. stocks weekly: Tap the brakes

Reuters
26 Oct 2024

** S&P 500 snaps six-week winning streak, loses 1% as corporate reports pour in

** This as the benchmark index sees another spooky turn

** Dow also ends six-week string of gains, though Nasdaq Composite 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 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 recede 4%. Gold miner Newmont Corp

falls after Q3 profit miss, and as bullion edges lower. And when it comes to gold , a battle line is drawn

Steelmaker Nucor drops after Q3 profit decline

** Healthcare drops 3%. Hospital operators fall as HCA misses earnings estimates, dented by hurricane

** Industrials sag 2.8%. Boeing 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 jumps on better-than-expected qtrly profit ahead of holiday season, boosted by rebounding volumes, cost controls

** Tech ticks up 0.2%. Western Digital gains after memory chip maker tops profit estimates. And on Fri Nvidia briefly surpasses Apple as world's most valuable company

Qualcomm falls on report Arm to cancel its chip design license, and IBM falls after Q3 revenue misses estimates

Though Lam Research rallies ~7% on strong Q2 rev forecast, and Texas Instruments rises after third-quarter results beat

Semiconductor index ekes out fractional weekly advance

** Consumer Discretionary up 0.9%. Tesla 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 rises after US judge blocks merger with handbag maker peer Capri

In contrast, McDonald's slides on E. coli outbreak, and Starbucks falls Weds after suspending annual forecast

Genuine Parts tumbles 20% on lowered forecast, earnings miss

** Meanwhile, individual investor bulls tumble to a 6-month low

** SPX performance YTD:

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

((lance.tupper.tr.com@reuters.net lance.tupper@tr.com terence.gabriel.tr.com@reuters.net terence.gabriel@tr.com))

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