RPT-BUZZ-U.S. stocks weekly: Head fakes
Reuters · 11/13 11:00
RPT-BUZZ-U.S. stocks weekly: Head fakes

Repeats from Friday with changes to text. Updates chart

** S&P 500 .SPX rises 2nd straight week in seesaw trade, finishes up 1.3% as investors assess Fed's hawkish comments .N

** The SPX snapped 8-day winning streak on Thurs after Fed Chair Powell warned of prior inflation 'head fakes', suggesting more rate hikes are possible, then rebounds on Fri

** Indeed, SPX was on its tip toes with win streak

** And as one internal measure shows burgeoning Nasdaq strength under the surface, another, highlighting the IXIC's , has traders in tumult

** But U.S. 10-year Treasury yield's US10YT=RR six-month win streak appears at risk

** In the end, majority of sectors stand their ground: tech and communication services most steady, while energy, materials and bond proxies outflanked

** Tech .SPLRCT surges 4.8%. Gen Digital GEN.O jumps >9% on qtrly revenue beat. Nvidia NVDA.O rallies >7% amid plans to release three chips in China.

Chip index .SOX gains 4%

** Communication Services .SPLRCL up 2.2%. Disney DIS.N jumps after earnings exceed expectations on higher theme parks attendance, and media cos climb as Hollywood actors end strike after tentative deal

** Healthcare .SPXHC drops 1%. Illumina ILMN.O falls after genetic testing firm cuts annual profit forecast for 2nd straight qtr. ILMN sheds 16% on the week

But Eli Lilly LLY.N rises as FDA approves weight-loss drug with brand Zepbound

** Materials .SPLRCM melt 1.8%. Gold miners track drop in metal prices, then fall as dollar strength dulls bullion's safe-haven appeal, then take hit on Powell's hawkish cues. Newmont NEM.N tumbles >12%

ARCA Gold Bugs index .HUI loses ~8%, suffers biggest weekly decline since May 2022

** Utilities .SPLRCU slide 2.6%. Sempra SRE.N down after pricing $1.2 bln stock offering

** Energy .SPNY sags 3.8%. Group declines tracking lower crude prices O/R. Crude futures CLc1 slick sliding away, fall for a third-straight week

** Meanwhile, individual investor bulls post biggest jump in 13 years

** SPX performance YTD:

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