BUZZ-U.S. stocks weekly: Fed hangover

Reuters2023-09-23

** S&P 500 falls for 3rd straight week, slumps 2.9% in wake of hawkish Fed

** Indeed, the U.S. 10-year Treasury yield hits 16-year peak as U.S. central bank sees rates higher for longer

** This, as the SPX braced for the Fed, and now for a change of seasons

** While the Nasdaq Composite , on the back foot, is internally beaten up, and has traders eyeing support

** Every sector staggers with consumer discretionary most dazed

** Consumer Discretionary falters 6.3%. Goldman Sachs cuts Tesla's earnings estimate due to lower selling prices. TSLA skids ~11%

** Communication Services drops 3.2%. But Fox

and News Corp rise on Thurs after Rupert Murdoch hands reins to his son, Lachlan

** Financials fade 2.8%. Banks continue bad run post Fed meeting

S&P 500 banks Index and KBW Regional Banking Index

lose 3.5% and 5%, respectively

** Industrials retreat 2.7%. Though FedEx rises after profit beat, improved forecast

** Tech tumbles 2.6%. Cisco falls after $28 bln deal for data analytics firm Splunk Inc

Nvidia , other chip stocks stall over valuation, industry worries. Semiconductor index surrenders >3%

** Energy loses 2.3%. This with crude futures at a crossroads on the charts. At $90.36, NYMEX futures on pace to end three-week winning streak

** Meanwhile, grocery delivery app Instacart falls below IPO price as debut enthusiasm fades, raising doubts over new listings revival

** 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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