Financials .SPSY up 1%. PayPal PYPL.O jumps after report of over $53 bln buyout offer from Stripe, private equity firm Advent
JPMorgan JPM.N rises after record quarterly profit on surging dealmaking, stock trading, Bank of America BAC.N gains after Q2 profit beat on trading boost
Citigroup C.N slips as earnings beat overshadowed by worries over expenses, Wells Fargo WFC.N falls after unchanged forecast, slight NIM compression
Goldman Sachs GS.N vaults after earnings topper as market volatility boosts equities revenue to a record, and Morgan Stanley MS.N climbs after Q2 beat as IPOs fuel wealth management assets, investment banking
For the week, S&P 500 banks index .SPXBK lifts 0.5%, KBW regional banking index .KRX advances ~2%
Energy .SPNY surges 5%. Group tracks rising oil prices as military escalation disrupts Hormuz shipments, and rises on renewed U.S.-Iran hostilities, threat of Red Sea closure O/R
Market wraps up a volatile week
S&P 500 .SPX breaks two-week winning streak, falls 1.6% as rout in semiconductors eclipses solid bank earnings, cool inflation data .N
Healthy rally or calm before the storm? Record-low correlations have traders watching
And with the SPX treading water near records, traders await its next wave
But under the hood, the Nasdaq is sputtering
U.S. 10-Year Treasury yield US10YT=RR churns near 4.55%. Will it be a breakout or a fakeout?
Other moves and year-to-date sector table
Meanwhile, individual investors turn more optimistic — but not more aggressive. SpaceX SPCX.O descends below IPO price for first time since the rockets-to-AI firm's blockbuster debut over a month ago
SPX performance YTD:
Energy
28.2%
Industrials
15.7%
Tech
15.0%
Real Estate
13.4%
Materials
9.7%
Staples
9.1%
SPX
8.9%
Utils
5.7%
Healthcare
4.0%
Financials
2.7%
Comm Svcs
2.1%
Discretionary
-2.0%
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
Technology and semiconductors lead the decline
Tech .SPLRCT crumbles 3.8%. IBM IBM.N suffers worst day since the 1987 crash after Q2 forecasts below analyst estimates, stock plunges 26% on week
Semiconductor index .SOX tumbles 10%, its steepest weekly drop since early Apr. 2025, as AI rally fizzles out
Apple AAPL.O briefly dethrones Nvidia NVDA.O as world's most valuable company after chipmaker's shares slide
Communication Services .SPLRCL drops 2.4%. Netflix NFLX.O dives as weaker Q3 forecast fuels growth concerns
SPY•
