(Repeats from Friday, no changes to text. Adds chart)
** S&P 500 staggers for 4th straight week, retreats 0.6%
** In any event, action saw the benchmark index flirt with correction territory
** This, as dominos fall , Nasdaq troops flee, and generals surrender
** There are more signs of an exhausted rise , while defense is scoring points
** Most sectors lose their footing; energy, materials and financials suffer biggest missteps, while tech gains traction. Indeed, growth may be down, but not yet out for the count . And when it comes to tech vs financials, it's been an anti-gravity machine
** Energy plunges 8.6%. Refiners slump as California plans gasoline-powered vehicle sales ban starting in 2035 . Marathon Petroleum and Phillips 66 decline 11%-12%
** Materials melt 4.6%. Albemarle Corp worst in group, down ~14%, as lithium producers slide after Tesla outlines cheaper battery plan . Global X Lithium & Battery Tech ETF powers down 8%
** Financials flop 4.2%. Big banks track broader market losses as economic outlook weighs and uncertainty over fiscal stimulus continues . S&P 500 Banks index craters 6%
** Healthcare trips 2%. Sector hit as Supreme Court's near-term makeup seen as new risk to Obamacare
** Consumer Discretionary rallies 1.2%. Nike's blowout results, strong forecast drive global sportswear cos higher . Amazon.com rises as it rolls out upgraded versions of Alexa voice-controlled gadgets . But General Motors skids after electric-truck maker Nikola's founder resigns after claims of nepotism and fraud by short-seller
** Tech gains 2.1%. Citi ranks KLA Corp , Lam Research on top of its chip equipment coverage ; top sector performer LRCX, up ~8%
** Meanwhile, in terms of 2020 megatrends, it's paid to have your head in the clouds, but cannabis not up to snuff
** SPX performance YTD:
/><^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
SP 500 2020 YTD THROUGH SEPT 25
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(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)
** S&P 500 staggers for 4th straight week, retreats 0.6%
** In any event, action saw the benchmark index flirt with correction territory
** This, as dominos fall , Nasdaq troops flee, and generals surrender
** There are more signs of an exhausted rise , while defense is scoring points
** Most sectors lose their footing; energy, materials and financials suffer biggest missteps, while tech gains traction. Indeed, growth may be down, but not yet out for the count . And when it comes to tech vs financials, it's been an anti-gravity machine
** Energy plunges 8.6%. Refiners slump as California plans gasoline-powered vehicle sales ban starting in 2035 . Marathon Petroleum and Phillips 66 decline 11%-12%
** Materials melt 4.6%. Albemarle Corp worst in group, down ~14%, as lithium producers slide after Tesla outlines cheaper battery plan . Global X Lithium & Battery Tech ETF powers down 8%
** Financials flop 4.2%. Big banks track broader market losses as economic outlook weighs and uncertainty over fiscal stimulus continues . S&P 500 Banks index craters 6%
** Healthcare trips 2%. Sector hit as Supreme Court's near-term makeup seen as new risk to Obamacare
** Consumer Discretionary rallies 1.2%. Nike's blowout results, strong forecast drive global sportswear cos higher . Amazon.com rises as it rolls out upgraded versions of Alexa voice-controlled gadgets . But General Motors skids after electric-truck maker Nikola's founder resigns after claims of nepotism and fraud by short-seller
** Tech gains 2.1%. Citi ranks KLA Corp , Lam Research on top of its chip equipment coverage ; top sector performer LRCX, up ~8%
** Meanwhile, in terms of 2020 megatrends, it's paid to have your head in the clouds, but cannabis not up to snuff
** SPX performance YTD:
/><^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
SP 500 2020 YTD THROUGH SEPT 25
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(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)