June 4, 2018 / 11:52 AM / a year ago

RPT-BUZZ-U.S. stocks weekly: Bumpy ride

(Repeats from Friday, no changes to text, updates chart)

** S&P 500 skids early, but gains 0.5 pct on the week as strong jobs data trumps geopolitical friction

** Indeed, at first S&P Futures faced waves rippling across the pond

** But after Dow Jones Futures bobbed back up , SPX had a short memory for weakness by Fri

** In the end, majority of sectors fishtail; financials lose most traction, though energy and tech steer forward

** Tech up 2.1 pct, hits record high. Facebook and Alphabet both gain ~5 pct as worries over Europe’s new data privacy law (GDPR) ease. Technology Select Sector SPDR Fund nears its high

** Cons Discretionary up 0.2 pct. Best sector performer General Motors accelerates ~13 pct as Japan’s Softbank joins co in self-driving car race with $2.25 bln investment

** Cons Staples off 0.5 pct. Packaged food, meat cos fall on Mexico’s retaliation to U.S. tariffs. Tyson Foods, McCormick & Co, lose 2-3 pct

** Financials dip 1.3 pct. But big banks recover lost ground after May NFP report bolsters case for interest rate hike from Fed this month. Financial Select Sector SPDR Fund wading back into the channel

** SPX sector performance over past 12 mths: reut.rs/2LmnlrL

** Meanwhile, negative currency impact on North American cos’ Q4 2017 results was down sharply vs prior yr, per consulting firm report, and U.S. micro caps have been busy butterflies

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