MAXR - Stocks Drop As Investors 'Sell The News'

Stocks sold off at the end of the week and were on track for their first three-day losing streak since October. Banks kicked off earnings season with mixed results and the Financial Select Sector SPDR ETF slid 1.3% Friday. The yield on 10-year Treasuries rallied past 1.1% ahead of President-elect Joe Biden's stimulus announcement late Thursday but retreated Friday after disappointing retail sales. The reflation trade appears to have lost some enthusiasm as cyclicals failed to rally tech. Winners & Losers Energy stocks were one winner, with the Energy Select Sector SPDR ETF (XLE) gaining more than 7% this week. This even though shares of Exxon Mobil (XOM) dropped on reports of allegations the company had overvalued its Permian Basin properties. Still, XOM is up double digits for the week. Other oil stocks performed even better. Occidental Petroleum (OXY) is up 18% this week. HollyFrontier Corp. (HFC) added 12% and

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Stocks Drop As Investors 'Sell The News'