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(Repeats from Friday, no changes to text. Updates chart)
** S&P 500 snaps 2-week losing streak, gains 0.8% in
rocky trading
** Indeed, tech-heavy Nasdaq plunges into correction
territory at times Thurs/Fri as rates spike, but index rebounds,
ultimately cuts weekly loss to 2.1%, ends down 8.4%
from record close
** Still, rising yields take a bite out of FAANGs
** This after small caps were battling some big
levels, and Nasdaq 100 Futures were, in the
end, in just a retracement rally
** Then the "Hindenburg Omen" buzzed the Nasdaq tower
, and the IXIC's chart woes built, with
2021 looking a lot like 2020
** The Dow has been more resilient, but is not
without its challenges
** And then more "Hindenburg Omens" popped up on the
market's radar
** Most sectors gain ground: Energy and financials surge,
while tech and consumer discretionary tumble
** Energy leaps 10.1%. Oil stocks rise as crude
prices rally on OPEC+ output cut extension, as
sector heads for best quarter ever
** Financials jump 4.3%. Banks rise as U.S. 10-year
yield ascends, while gap between 2-yr/10-yr
Treasuries widens to highest level since Nov 2015
. S&P Banks Index up 4%
** Industrials up 3.1%. General Electric
rallies >8% as MS sees 2023 as inflection point, raises PT
. Stock lights up to revisit 2018 levels
** Tech drops 1.4%. Qualcomm down ~5%,
but rises Fri after earlier broker upgrade. Chip
index down ~5%
** Consumer Discretionary slides 2.8%. Tesla
sheds >11% amid 4-week skid as billionaire investor Ron
Baron reveals sale of 1.8 mln shares over 6 months.
Cruise liners fall as capital raises in group flood the zone
** Meanwhile, Rocket shares soar as analysts eye
'GameStop-esque' short squeeze, prompting high
anxiety in mortgage lending space
** SPX performance YTD:
(Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
