August 5, 2019 / 10:51 AM / a month ago

RPT-BUZZ-U.S. stocks weekly: Tariff tumble

 (Repeats from Friday. Updates chart)
    ** S&P 500 suffers worst week of 2019 as President
Trump ratchets up trade war with China. SPX sags
3.1%
    ** Indeed, at first the SPX was besieging resistance
, just as the DJI had a tough hurdle to clear

    ** This added up to the potential that Jul calm would give
way to an Aug commotion
    ** By Fri, the SPX had been repulsed by resistance
, and the major averages broke their 50-DMAs on an
intraday basis
    ** Most sectors spill: Consumer discretionary, tech and
financials flop, while havens keep their balance
    ** Consumer Discretionary dives 4.6%. Under Armour
 skids 21% after cutting N. Amer rev outlook
. New tariffs put retail shares on markdown
. S&P 500 Retailing Index down 5%
    ** Tech slumps 4.4%. Apple, chipmakers
slide after Trump's tariff threat. Qualcomm
 outlook clouded by Huawei's smartphone gains in China
. Data storage co NetApp biggest sector
loser down 22% on forecast cut. Chip index
plunges 6.6%
    ** Financials slide 3.9%. Capital One drops
after revealing data breach of 100 mln individuals.
Banks choppy after first Fed rate cut since 2008,
then reel on tariff threat. S&P 500 Banks Index
 loses 4%
    ** Industrials trip 3.4%. U.S. exporters such as
Boeing and Caterpillar fall after Trump threatens
additional tariffs
    ** Energy stumbles 3.4%. Oil prices plummet >6% on
Thurs on Trump's additional China tariffs. Shale
producer Concho Resources biggest sector loser down 25%
on Q2 profit miss, weak output forecast
    ** Healthcare slips 1.1%. Pfizer descends
as analysts say off-patent branded drugs unit spinoff and merger
with Mylan NV signals lower profit margins 
    ** Utilities up 0.3%. Edison Intl rallies
on upsized $2 bln equity raise to pay into California wildfire
fund
    ** Meanwhile, when it comes to the Fed, forget the what, and
examine the why; in any event, there may be choppy
waters ahead
    ** SPX sector performance YTD: 
 
 
 
    

    
  
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