US stocks weekly: Spooky
SPY•The S&P 500 fell 0.6% for a third consecutive weekly decline, while the Dow slipped 0.9% and the Nasdaq Composite lost 2%. Healthcare led sectors with a 3.1% gain, while Communication Services fell 8.5%.
1. Indexes extend declines
The S&P 500 fell 0.6% for the week, its third consecutive weekly decline, as jitters around the AI trade resurfaced. The Dow lost 0.9%, and the tech-heavy Nasdaq Composite shed 2%.
2. Technology and communication weaken
Communication Services dropped 8.5%, with Meta, Alphabet and Reddit shares falling on AI spending and traffic concerns. Technology slid 1.8%; Intel plunged after a weak outlook and cash-burn warning, while the semiconductor index lost 0.8%.
3. Defensive sectors advance
Healthcare rose 3.1%, led by Eli Lilly after it raised its annual revenue outlook as demand for its weight-loss shot increased. Utilities gained 2%, while Energy advanced 1% as oil prices surged on supply concerns. The 10-year Treasury yield was on track for a fourth consecutive weekly decline, to around 4.93%.
