(Repeats from Friday, no changes to text. Adds chart) ** S&P 500 extends losing streak to 3 weeks, falls 0.6%. Fed’s uncertain outlook weighs, while “quadruple witching” spurs more choppy trading ** This as traders brace for the election, and the Dow Industrials tried to break out ** And the SPX finishes below its 50-DMA for the first time since Apr 23 ** Indeed, good defense may now be the best offense ** This all happening around a potentially important turn date at the Fall Equinox ** Most sectors are falling leaves; consumer discretionary and communication services most red, while industrials and energy hold most green ** Consumer discretionary slides 2.3%. Carnival Corp worst in group down ~13% as cruise operator seeks $1 bln equity raise, drags peers ** Communication Services drop 2.3%. Facebook slips after report of possible FTC antitrust suit , and Kim Kardashian freezes Instagram and Facebook accounts ** Tech down 1%. Apple fades even after new Watch, iPad and fitness service roll out. But Nvidia climbs Mon on $40 bln deal to buy chip designer Arm from SoftBank Group ** Financials tick down 0.2%. Big banks sag, warn at industry conference of hit to business as interest rates stay low. S&P 500 Banks index loses 1.6% ** Healthcare up 0.8%. Dealmaking by Gilead and Merck boosts lagging biotech index . Nasdaq Biotech index jumps >6% ** Industrials rise 1.5%. Top SPX stock General Electric surges 16% on expectation of positive cash flow in H2 2020. FedEx hits 2-yr high on upbeat results. Dow Transports a bright spot as big tech shunned. In the end, however, the DJT tries, but fails, to register new record closing high ** Energy rallies 2.9%. Group notches gains on strength in oil prices ** Meanwhile, Buffett-backed Snowflake Inc more than doubles Weds in largest software IPO ever, though cools off following 1st-day sizzle ** SPX performance YTD: (Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
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