US stocks weekly: Rocky rebound
SPY•Market wrap
- S&P 500 .SPX breaks two-week losing streak, rises 1% in turbulent trading as investors weigh AI outlays, geopolitical risks and rate-policy path.
- Dow .DJI climbs 1%, tech-heavy Nasdaq Composite .IXIC gains 1.6%.
- S&P 500 started the week ripe for a range resolution, and then Nasdaq breadth offered a glimmer of hope.
- Though even with selloff into Weds, Nasdaq Composite finds support near correction territory; indexes recover into Fri.
- And with this, the breadth trade's latest plot twist: Big tech roars back.
Rates and sector moves
- U.S. 10-Year Treasury yield US10YT=RR advances second consecutive week to 4.72% area. Benchmark Treasury yield breakout holds as Fed clouds rate outlook.
- A minority of sectors grind higher: Consumer Discretionary and Communication Services bounce back, while bond proxies Real Estate and Utilities wobble.
Individual stock and sector highlights
-
Consumer Discretionary .SPLRCD vaults 8.3%. Amazon AMZN.O surges as cloud growth allays fears over rising AI spending.
Chipotle CMG.N jumps as sales forecast raise overshadows cyclosporiasis outbreak concerns.
-
Communication Services .SPLRCL rally 5.4%. However, Facebook parent Meta META.O tumbles as AI spending takes a toll on free cash flow.
