Repeats from Friday with changes to text. Updates chart
** S&P 500 .SPX rises 2nd straight week in seesaw trade, finishes up 1.3% as investors assess Fed's hawkish comments .N
** The SPX snapped 8-day winning streak on Thurs after Fed Chair Powell warned of prior inflation 'head fakes', suggesting more rate hikes are possible, then rebounds on Fri
** Indeed, SPX was on its tip toes with win streak
** And as one internal measure shows burgeoning Nasdaq strength under the surface, another, highlighting the IXIC's , has traders in tumult
** But U.S. 10-year Treasury yield's US10YT=RR six-month win streak appears at risk
** In the end, majority of sectors stand their ground: tech and communication services most steady, while energy, materials and bond proxies outflanked
** Tech .SPLRCT surges 4.8%. Gen Digital GEN.O jumps >9% on qtrly revenue beat. Nvidia NVDA.O rallies >7% amid plans to release three chips in China.
Chip index .SOX gains 4%
** Communication Services .SPLRCL up 2.2%. Disney DIS.N jumps after earnings exceed expectations on higher theme parks attendance, and media cos climb as Hollywood actors end strike after tentative deal
** Healthcare .SPXHC drops 1%. Illumina ILMN.O falls after genetic testing firm cuts annual profit forecast for 2nd straight qtr. ILMN sheds 16% on the week
But Eli Lilly LLY.N rises as FDA approves weight-loss drug with brand Zepbound
** Materials .SPLRCM melt 1.8%. Gold miners track drop in metal prices, then fall as dollar strength dulls bullion's safe-haven appeal, then take hit on Powell's hawkish cues. Newmont NEM.N tumbles >12%
ARCA Gold Bugs index .HUI loses ~8%, suffers biggest weekly decline since May 2022
** Utilities .SPLRCU slide 2.6%. Sempra SRE.N down after pricing $1.2 bln stock offering
** Energy .SPNY sags 3.8%. Group declines tracking lower crude prices O/R. Crude futures CLc1 slick sliding away, fall for a third-straight week
** Meanwhile, individual investor bulls post biggest jump in 13 years
** SPX performance YTD:
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
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lance.tupper@tr.com
terence.gabriel.tr.com@reuters.
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