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NEW YORK (Reuters) – U.S. hit investors nous into this hebdomad with added worries most the sustainability of the past rally and a want to reduce risk, as shown by the stampede out of commodities on Thursday.

Stocks also module begin to retrograde the hold they hit enjoyed from stronger-than-expected earnings, with the first-quarter reporting punctuation nearing an end.

The modify in commodities terminal hebdomad spilled over into commodity-related stocks, which were among the top performers in the terminal two quarters.

The Standard & Poor's forcefulness index (.GSPE) ended the hebdomad downbound 7 percent, its biggest weekly modify in a year, and the iShares Silver Trust (SLV.P) suffered its poorest hebdomad of outflows ever after onerous losses in the precious metal.

While the commodities rout haw be done for now, it has mitt whatever investors worried most the ramifications.

"It's hornlike to pinpoint the instance when the eruct bursts and hornlike to go against the current, but when it bursts it's precipitous usually," said Natalie Trunow, grownup evilness chair and honcho assets tar of equities at Calvert Investment Management Inc in Bethesda, Maryland, which manages most $14.8 1000000000 in assets.

With first-quarter earnings and the agent Reserve's QE2 purchase information reaching to an end, the hit mart could be undefendable to whatever imperfectness in the brief term, she said.

"I wouldn't be astonied if we had a somewhat softer season or somewhat softer next pair of months," said Trunow, who added she was ease constructive on the U.S. mart longer-term.

Last week, the S&P 500 (.SPX) suffered its poorest hebdomad since March, even with Friday's astonishingly brawny jobs inform that allowed the index to modify a four-day losing streak.

It is today just above grave hold at 1,330. A close below that level could "turn the intermediate-term represent bearish," according to a state from Larry McMillan, chair of McMillan Analysis Corp.

SENTIMENT STILL UPBEAT

Despite terminal week's skittishness, sentiment for the mart is constructive in the individual term, and technical indicators do not declare the mart is overbought.

"Our analyse is ease unchanged; we ease same the market," said Jeff Rubin, a mart strategist at Birinyi Associates in Westport, Connecticut.

Much of the basic represent remains bullish for stocks, said Hank Smith, honcho assets tar at Haverford Trust Co in Philadelphia.

"The frugalness and valuations rest attractive," he said. "We rest bullish, but with whatever Samson market, it's healthy to hit pullbacks."

Friday's Labor Department report, which showed U.S. job accumulated more than due in Apr and U.S. companies created jobs at the fastest measure in five years, gave grounds of the inexplicit capableness in the economy, analysts said.

But fag has been among the weakest areas, and this week's jobless benefits claims and retail income accumulation module be watched for further clues on the jobs represent and upbeat of consumer spending.

In earnings news, a sort of retailers are due to inform this week, including Macy's (M.N), Nordstrom (JWN.N) and Kohl's (KSS.N).

Earnings estimates hit risen since the move of the reporting period. S&P 500 companies' profits are today due to hit climbed 18 proportionality in the prototypal quarter from the year before, up from an estimated 13 proportionality uprise at the move of April, according to Thomson Reuters data.

Of the 438 S&P 500 companies that hit reported so far, 69 proportionality hit maltreated shrink earnings expectations. That is roughly in line with the high evaluate of beatniks seen in past quarters.

Adding to nervousness, a diminutive assemble of European finance ministers were meeting to handle the euro regularize debt crisis, and Ellas denied a media inform speculating the country was considering leaving the euro zone.

European Central slope Governing Council member Erkki Liikanen on Saturday effort downbound reports of Ellas exiting the euro and said restructuring its 327 1000000000 euro ($470 billion) debt would substance no imperishable resolution to its problems.

"No euro regularize country wants to yield the euro," Liikanen, who also heads the Bank of Finland, said in an interview for Suomi national journalist Yle.

Nevertheless, the primeval reflection caused stocks to trim whatever gains on Friday.

Friday scarred the one-year anniversary of Wall Street's "flash crash" when prices suddenly plunged and nearly $1 1E+12 was wiped soured U.S. stocks' value in a matter of minutes before the mart bounced back.

The crash shook whatever investors' confidence, but the mart regained steam and has rallied since most the move of September.

The S&P 500 is up most 28 proportionality since then.

(Additional reporting by Doris Frankel, Editing by Kenneth Barry and Maureen Bavdek)

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