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S&P 500 posts second straight weekly decline as chip stocks rebound

Deutsche Bank strategists said about 35% of the S&P 500’s market capitalization is due to report this week, led by major technology names tied to AI spending expectations.

Reported · Written up by our desk · ETFs

Deutsche Bank strategists said global equities delivered a mixed performance, with the S&P 500 extending losses for a second consecutive week even as semiconductor stocks bounced back. The S&P 500 fell 0.61% during the latest week, marking back-to-back weekly declines for the first time since March, while the Philly semiconductor index rose 1.24% over the week, then fell 4.25% on Friday.

Outside the United States, European and parts of Asia held up better, with the STOXX 600 gaining 0.46% for the week after a 0.82% recovery on Friday. Hopes for new US-Iran talks were cited as a factor behind the improvement, while Japan’s Nikkei rose 0.73% for the week, before closing 2.73% lower on Friday.

Attention is shifting to a heavy US earnings calendar that Deutsche Bank said will act as a key test for confidence in AI-related spending. Strategists pointed to Microsoft and Meta on Wednesday, followed by Apple and Amazon on Thursday, noting the pair plus their broader cohort represent 17% of the S&P 500.

Deutsche Bank also flagged other scheduled US earnings, including Visa and Mastercard in financials, ExxonMobil and Chevron in energy, and Coca-Cola and Procter & Gamble in consumer staples. On the futures side, S&P 500 futures were up 0.71% and Nasdaq futures gained 1.17% at the start of the week, with regional indexes like Australia’s S&P/ASX 200 up 1.14%.

Latest closeS&P 500 7,765.36 ▼0.5%|Nasdaq Comp. 27,193.34 ▼1.2%|Nikkei 225 70,035.71 ▼0.9%

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