RPT-BUZZ-U.S. stocks weekly: Halfway and higher

Reuters · 07/01 10:00
RPT-BUZZ-U.S. stocks weekly: Halfway and higher

Repeats from Friday with changes to text. Updates chart

** S&P 500 .SPX breaks three-week winning streak, though edges lower just 0.1% .N

** That said, there have been first-half fireworks: Nasdaq composite .IXIC up 18.1% YTD, S&P 500 up 14.5%, Dow .DJI up 3.8%

** However, there are concerns as SPX may be hitting a wall, as dearth of 2% or more down days continues to dog traders

** This as the DJI streaked back toward 40k, and its highs, but then backed away

** And as for the IXIC, lagging internal strength remains a red flag

** The question is, are there enough animal spirits for U.S. stock bulls to keep running?

** Most sectors post losses; Materials and Utilities take biggest hits, while Energy and Communication Services rally most

** Consumer Staples .SPLRCS retreat 0.7%. Walgreens WBA.O sinks to three-decade low on profit view cut, U.S. store closures. WBA plunges 24%

Walmart WMT.N falls after CFO flags Q2 to be "challenging"

** Industrials .SPLRCI off 0.6%. Though FedEx FDX.N delivers better-than-expected FY25 profit outlook, shares soar 18%

** Tech .SPLRCT dips 0.4%. Memory chipmaker Micron MU.O slides after muted qtrly rev outlook

Semiconductor index .SOX slips ~1%

** Financials .SPSY tick down 0.2%. Goldman Sachs GS.N falls 2% on Thurs after Federal Reserve's stress test results

However, for the week, S&P 500 banks index .SPXBK advances 2.6%, and KBW regional banking index .KRX lifts 5.1%

** Consumer Discretionary .SPLRCD up 0.5%. Amazon.com AMZN.O hits $2 trln in valuation on AI fervor, rate cut bets. AMZN 2% gain

Carnival CCL.N speeds up after another annual profit forecast raise on sustained cruise demand

But Nike NKE.N slumps 22% after forecasting surprise rev drop as competitors steal market share

** Communication Services .SPLRCL up 1.3%. Meta META.O gains after report of AI partnership talks with Apple AAPL.O. META up 2%. Alphabet GOOGL.O dips Fri after Rosenblatt cuts to '' on AI search concerns

** Energy .SPNY jumps 2.7%. Oil cos advance as demand expectations lift crude prices O/R

** Meanwhile, investment advisor bulls flirt with 2024 high, but individual investor bears bounce back

** SPX performance YTD:

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)