** S&P 500 .SPX breaks two-week losing streak, finishes up 5.7% as markets gyrate wildly .N
** Dow .DJI gains 5%, Nasdaq Composite .IXIC climbs 7.3%
** SPX started the week poised for further losses, which had traders eyeing the charts, but then it, and the Nasdaq composite .IXIC, bounced off of some big support
** Indeed, S&P 500 looked pretty washed out, but chart hurdles tough to clear, though is the Nasdaq composite also ripe to wrestle its way back up?
** In any event, it was one wild week: SPX high-to-low weekly range as a percentage of prior week's close was 12.7%, highest since pandemic panic market low
** CBOE market volatility Index .VIX, often called the "fear index," ended at 37.56, indicating elevated uncertainty, after closing above 50 on Tues , highest level since pandemic onset
** And amid heightened bond market volatility .MOVE, U.S. 10-Year Treasury yield US10YT=RR, at 4.49%, rises 50 basis points for biggest weekly increase since 2001 US/
** Nearly every sector finds its footing: Technology leaps, while just Real Estate and Energy stagger
** Tech .SPLRCT rallies 9.7%. Broadcom AVGO.O rises on chipmaker's $10 bln stock buyback plans, AVGO up 24% on the week
Semiconductor index .SOX jumps ~11%
** Industrials .SPLRCI advance 6.5%. Airline stocks take off on Weds after Trump's 90-day tariffs pause, then descend on Thurs, trimming weekly gains
Delta Air Lines DAL.N ascends after posting profit beat, while scrapping 2025 forecast as tariffs stall demand
** Financials .SPSY vault 5.6%. On Fri, JPMorgan JPM.N rises after Q1 profit beat, Wells Fargo WFC.N reports higher earnings aided by wealth management business, and Morgan Stanley MS.N surpasses profit estimates helped by record equity trading
For the week, S&P 500 banks index .SPXBK up 7%, though KBW regional banking index .KRX slips fractionally
** Consumer Discretionary .SPLRCD up 4.6%. However, Carmax KMX.N slides ~10% on the week as co boosts newer pre-owned car inventory as tariffs on imports raise concerns about affordability
** Materials .SPLRCM rise 3.6%. Gold miners gain as spot price XAU= scales new record peak spurred by weakening dollar .DXY and intensifying trade war worries. Newmont Corp NEM.N surges; UBS turns bullish, hikes gold price forecasts. NEM spikes higher by 24% for biggest weekly gain since 1998
** Healthcare .SPXHC up 1.2%. Health insurers rise after boost to Medicare reimbursement rates. UnitedHealth UNH.N and Humana HUM.N up 14% and 16%, respectively
** Real Estate .SPLRCR dips 0.2%. Sector drops as yields surge on apparent bond liquidations. Worst sector performer Alexandria Real Estate Equities ARE.N sheds 5%
** Energy .SPNY falters by 0.4%. Group falls as crude slumps to over 4-yr low as reciprocal tariffs kick in on Weds, then reverse course after tariffs delay announced. But oil firms fall on Thurs as U.S.-China trade war escalates O/R
** Meanwhile, individual investor bears dip, but still 'unusually high'
** SPX performance YTD:
Staples | 3.7% |
Utils | 0.8% |
Healthcare | -0.5% |
Financials | -3.5% |
Materials | -3.8% |
Real Estate | -4.6% |
Industrials | -4.6% |
Energy | -7.5% |
SPX | -8.8% |
Comm Svcs | -9.1% |
Tech | -15.3% |
Discretionary | -17.0% |
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
((lance.tupper@tr.com ; terence.gabriel@tr.com
))
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