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BUZZ-U.S. stocks weekly: Tech trumps media mayhem
October 13, 2017 / 8:20 PM / 2 months ago

BUZZ-U.S. stocks weekly: Tech trumps media mayhem

** S&P 500 notches 5th straight weekly gain, though finishes up just 0.2 pct

** This as Nasdaq internals challenge multi-year highs

** And a waning NYSE measure suggests an advance on borrowed time

** An intact high on the Value Line Geometric Index may offer a warning for the SPX, while DJI is historically stretched vs U.S. 10-Year Treasury Futures

** Majority of sectors gain: Cons staples and tech strong, while telecom and financials lag

** Cons staples up 1.5 pct. Best S&P stock Wal-Mart gains ~10 pct after robust online sales forecast, $20 bln buyback plan. Indeed, retailing behemoth’s shares show outperformance

** Tech adds 1.3 pct. Group continues to lead market higher. Nvidia climbs to fresh record after unveil of first driverless car chips, and increasingly bullish sentiment

** Industrials flat. General Electric sags on management/board changes and as Street debates sustainability of co’s dividend. GE’s demotion intensifies on the charts

** Cons disc off 0.6 pct. Media stocks slump following Trump threat. S&P Media Index slides 3.4 pct. And AT&T subscriber losses highlight cord-cutting danger, sending Telecom down 4.6 pct

** Healthcare off 0.7 pct. Trump’s key subsidies cut seen damaging hospitals, insurers

** Financials fall 0.9 pct. Banks slip as qtrly reports begin

** SPX sector YTD performance: reut.rs/2kQOIC7

** Meanwhile, Q3 S&P sales and earnings growth forecasts match at 4.4 pct

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