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U.S. stocks weekly: Tech heavy lift

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** S&P 500 .SPX rises 2nd straight week, adds 1.6% as tech leads the way amid interest rates plunge .N

** That said, S&P 500 key reversal, event risks, divergence have bulls on edge

** This as a breadth check has Nasdaq .IXIC, S&P 500 wheezing

** Benchmark U.S. 10-Year Treasury yield US10YT=RR poised for biggest weekly drop of year after economic data provided latest evidence inflation may be cooling

** And with decline to around 4.20%, 10-year yield threatening key support

** In the end, just a few sectors push higher; Tech bulks up, while Financials and Energy falter

** Tech .SPLRCT vaults 6.4%. Apple AAPL.O rebounds to reach record levels on long-awaited AI strategy. AAPL notches 8% gain on the week

Adobe ADBE.O jumps 13% after raising annual rev forecast driven by demand for its AI-powered editing tools

Broadcom AVGO.O hits record high after FY forecast hike, stock split unveil; uplifts chipmakers. AVGO soars 23%

Semiconductor index .SOX strengthens ~6%

** Communication Services .SPLRCL rises 0.9%. Though Paramount Global PARA.O declines 15% after Shari Redstone kills potential merger with Skydance

** Consumer Discretionary .SPLRCD ticks up 0.3%. Tesla TSLA.O up after shareholders approve CEO Musk's $56 bln pay package

** Industrials .SPLRCI off 1%. Industrials, transports weighed down by data, hawkish Fed. BofA raises Boeing BA.N PT on strong demand environment, reiterates neutral rating. Boeing then dips after report on planemaker probing new 787 quality problem. For the week, BA dives ~7%

** Financials .SPSY fade 2%. Comerica CMA.N falls as NII forecast under pressure, and S&P 500 Banks index .SPXBK hits 7-week low ahead of Fed meeting as Bank of America BAC.N and Wells Fargo WFC.N top execs say loan demand more muted at larger commercial clients

SPXBK sheds 2.5%, KBW Regional Banking index .KRX off ~3%

** Meanwhile, individual Investor bears flee, bulls fly - AAII

** SPX performance YTD:



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(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)


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