(Repeats from Friday, no changes to text. Updates chart)
** S&P 500 extends losing streak to 3 weeks, slides
2.7% for biggest weekly loss so far this year as investors brace
for more aggressive rate hikes
** This as the DJI breaks its glass floor, tumbles
three out of four days , while SPX is rattled by
rates
** That said, SPX rattled, but not yet wrecked. Index
essentially tags 200-DMA Fri, bounces
** Nearly every sector bends: consumer discretionary and
communication services show most cracks, only energy refuses to
give ground
** Consumer discretionary drops 4.4%. Domino's
Pizza melts as delivery fees deter consumers . DPZ crumbles 17%
And Home Depot sags on dull annual profit forecast
** Communication services also down 4.4%. Netflix drops on price cuts in some countries to boost
subscriptions
** Industrials wilt 2.7%. Boeing falls
after 787 Dreamliner delivery halt
** Tech retreats 2.7%. Keysight Technologies suffers record decline after guidance disappoints , stock tumbles 15%. But Nvidia surges as
sales outlook blows away estimates on AI boom
** Healthcare down 2.7%. Moderna falls on
unchanged COVID sales forecast, Q4 profit miss .
MRNA sheds 16%
** Consumer Staples slip 1.4%. Walmart strikes cautious note on 2023 economic outlook ,
shares lose nearly 3% on the week
** Energy manages to edge up 0.2%. Though group
still well-capped by record highs
** Meanwhile, individual investors crowd the neutral camp
** SPX performance YTD:
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
SP 500 2023 YTD THROUGH FEBRUARY 24 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
lance.tupper@tr.com
terence.gabriel.tr.com@reuters.net
terence.gabriel@tr.com))
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