October 8, 2018 / 11:04 AM / 8 days ago

RPT-BUZZ- U.S. stocks weekly: Rate rout

(Repeats from Friday. Updates chart)

** S&P 500 sags for second straight week, finishes down 1 pct as bond yields soar

** Indeed, given internal bleeding, the indices have been at risk of fainting

** Perhaps not surprisingly, the SPX has not had much staying power recently and it’s struggling to maintain orbit

** This as the DJI may now be failing its test after it found itself alone on the dance floor and potentially on a voyage to Lilliput

** And all this with “Hindenburg Omen” chatter floating around

** Majority of sectors retreat; consumer discretionary, tech and communication services run for the hills, while utilities, energy and financials provide cover

** Consumer Discretionary plunges 4.4 pct. Amazon.com sinks ~6 pct as co raises minimum wage to $15, urges retail rivals to follow and is among firms hit by report of China chip attack. Lennar falls after soft order growth, drags other homebuilders down

** Tech slides 2.2 pct. Worst SPX stock IPG Photonics drops 15 pct on forecast cut as laser maker blames tariff, trade-related headwinds. Risk off for major tech names as China hardware hack report casts pall . And chip stocks may see a range burst, momentum flash; SOX index down ~4 pct

** Communication Services down 2.2 pct. Facebook under pressure as security breach weighs on sentiment

** Health care off 0.8 pct. Worst sector performer Nektar Therapeutics sinks 14 pct. Nasdaq Biotech index tumbles >4 pct

** Industrials up 0.8 pct. Best SPX stock GE rallies ~17 pct following CEO replacement and pay linked to performance

** Financials gain 1.5 pct. Big banks rise as benchmark 10-Year Treasury Yield climbs to 7-year high

** SPX sector YTD performance through Fri: reut.rs/2OII7ah

** Meanwhile, the market may be overreacting to rising bond yields

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