** S&P 500 falls second straight week, loses 0.8% in choppy trading
** Nasdaq composite internal measure hits hurdle, and 50-day moving average may be a magnet; IXIC loses 2.1%
** Small-cap Russell 2000 : More thrust, or bust?; RUT advances 3.5%
** Though, by Fri, after sharp slide, SPX seeks to stabilize
** In the end, just a minority of sectors rattled; Communication Services most unsteady, while defensive plays and Healthcare are ballasts
** Communication Services dive 3.8%. Google parent Alphabet falls as rising AI capex overshadows Q2 beat, and drops after Microsoft-backed OpenAI tests SearchGPT online search tool
Warner Bros Discovery declines after failing to renew NBA broadcasting rights
** Tech retreats 2.4%. U.S. chip stocks extend selloff after disappointing earnings from firms across the globe, and on AI rally sustainability jitters
Semiconductor index sags ~3%
But IBM climbs after rev beat, software business forecast boost
** Consumer Discretionary falls 2.3%. Ford skids 20% after Q2 profit miss as quality issues linger. Tesla
slumps as profit margins drop to over five-yr lows
** Industrials gain 1.1%. 3M soars as strong results highlight cost cuts, growth push. Though UPS
falls after Q2 results miss as cheap deliveries weigh on earnings
** S&P Financials up 1.3%. MSCI among top sector gainers, rallies 9% after Q2 profit rises on robust demand
S&P 500 banks index up ~1%; KBW regional banking index advances 5.4%
** Healthcare rises 1.4%. Insurer Molina Healthcare
jumps after Q2 beat on higher premiums from Medicaid plans
In contrast, Dexcom plunges as glucose monitor maker's rev forecast cut spooks investors. DXCM dives 43% on the week
** Meanwhile, individual investor bulls tumble, bears jump
** 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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