BUZZ- U.S. stocks weekly: Turkey melt


** S&P 500 snaps 5-week win streak, dips 0.25 pct, as Turkey’s financial crisis and deepening rift with U.S. roil markets worldwide on Fri

** Indeed, in the end, after reaching levels just shy of its all-time high , SPX showed a lack of resolve

** This as a Nasdaq internal measure tried to cross a red line, and Dow Jones Futures broke to a 6-day low

** Most sectors cooked; consumer staples and financials burned, while consumer discretionary and tech relatively unscathed

** Consumer Staples fall 1.9 pct. Worst sector performer Coty Inc drops 14 pct on Revlon’s ugly Q2 report. Kraft Heinz Co falls as Brazil’s 3G Capital trims its holdings

** Financials down 0.6 pct. Major banks swoon on Fri as plunge in Turkish lira prompts scurry to safety of government bonds, pushing Treasury yields lower

** Tech up 0.3 pct. Facebook rises after report it wants customers’ bank data. But biggest sector loser Microchip tumbles on dismal forecast, highlights tariffs impact, adds to chipmaker jitters. Semiconductor index slides ~2 pct

** Consumer Discretionary up 0.8 pct. Michael Kors struts 13 pct higher on beat-and-raise report . Though worst SPX stock Newell Brands plummets 22 pct after biggest qtrly sales miss in a yr

** SPX sector YTD performance through Thurs:

** Meanwhile, DataTrek Research says don’t panic about peak earnings discussions. And Tesla shares on wild ride as investors await Musk’s buyout plan

Our Standards:The Thomson Reuters Trust Principles.


Source link Buzz

Copy link
Powered by Social Snap