BUZZ-U.S. stocks weekly: Anxiety

Reuters09-07

** S&P 500 breaks three-week winning streak, declines 4.2% as investors kick off Sept in "risk-off" mood amid economic jitters

** Nearly every sector apprehensive: Technology most skittish, while defensive plays somewhat content

** Tech tumbles 7.1%. AI heavyweight Nvidia

suffers record $279 bln market value loss on Tues in broad equities selloff. NVDA registers ~14% weekly drop

Broadcom slumps as tepid rev forecast spooks investors betting on robust demand for AI chips, pushes peers down further on Fri

Semiconductor index dives ~12% for its worst weekly showing since Mar 2020

** Energy slides 5.6%. Group falls as demand concerns clip crude prices

** Financials flop 3.2%. Banks sag as jobs data does little to clear uncertainty on expected rate cut

For the week, S&P 500 banks index loses 5.6%, and KBW regional banking index retreats 5.2%

** Consumer Discretionary down 2.9%. Tesla

gains on Thurs on plans for Q1 2025 launch of full self-driving in Europe, China. But TSLA skids Fri, finishes week off 1.6%

** Consumer Staples eke out 0.6% gain. Though Dollar Tree worst SPX performer, plunges 21%, after cutting annual forecasts amid rising competition

** Meanwhile, with US yield curve disinversion, is recession on the horizon? This as neutral sentiment rises in latest AAII survey

** SPX performance YTD:

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

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

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment