June 29, 2020 / 10:15 AM / 6 days ago

RPT-BUZZ-U.S. stocks weekly: Relapse

 (Repeats from Friday, no changes to text. Adds chart)
    ** S&P 500 loses 2.9% amid sharp rise in virus cases

    ** SPX still on track for its best qtr since Q4 1998, but
Jun has turned a bit buggy 
    ** Leads to the question, will it go from Jun calm to Jul
fireworks?
    ** This as a runaway Nasdaq suggests caution on the
charts here
 
    ** Every sector falls ill: Energy and financials weakest,
while tech relatively immune; indeed, when it comes to growth vs
value, it's to the moon
    ** Financials flop 5.3%. Big banks sink as Fed to
cap dividend payments after pandemic analysis. S&P
500 Banks index drops >7%
    ** Communications services slides 5.2%. Facebook
 and Twitter slump as Unilever halts
U.S. ads for 2020, joins ad spending boycott against FB as part
of "Stop Hate for Profit" campaign
       Disney falls as co delays reopening of California
Disneyland as state suffers from huge spike in new coronavirus
cases, while workers at Orlando theme park petition
to slow re-opening plans
       T-Mobile US slips after pricing SoftBank
 share sale
    ** Industrials sag 4%. American Airlines
biggest SPX loser, down ~23%, descends after $2 bln haul from
upsized stock, convertible deals. This as
passengers steadily increase, but airline stocks decline
. S&P 1500 Airlines index loses 10%
    ** Consumer discretionary down 1.9%. Nike
trips Fri on surprise loss as COVID-19 hits wholesale business

    ** Tech dips 0.4%. Top sector performer Accenture
 rallies after Q3 results beat expectations,
Street sees outlook as optimistic in weak macro scenario

    ** Meanwhile, tech gorilla gets bigger in Russell
reconstitution
    ** SPX performance YTD:    
 
 
 

    
 (Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
  
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