US stocks weekly: Reheat

S&P 500 .SPX rallies 2.4% on Fed rate cut hopes .N

Dow .DJI up 1.3%, while Nasdaq Composite .IXIC advances 3.9%

Week started out with traders assessing the recent damage, along with signs that momentum MTUM.K was coming up lame

But then appeared the DJI setting up for another run at the wall, and by Fri, Nasdaq scores its 18th record closing high of 2025

Despite new IXIC highs, sputtering thrust is a concern

Still, traders pose a question: "Mirror, mirror on the wall, will small caps ever be the fairest of them all?"

U.S. 10-Year Treasury yield US10YT=RR, holds 4.187% support; rises back toward ~4.30%

Most sectors steam ahead; Tech and Consumer Discretionary on the front burner, while just Energy and Healthcare and Real Estate are left in the freezer

Tech .SPLRCT leaps 4.2%. Palantir PLTR.O surges >20% after second annual rev forecast hike this year on surging AI demand

Apple AAPL.O shares jump >13% as $100 bln U.S. manufacturing pledge eases tariff fears

Chipmakers climb as tariff impact seen as contained

Semiconductor index .SOX gains 2.7%

Consumer Discretionary .SPLRCD rallies 3.7%. McDonald's MCD.N rises as global sales exceed expectations, aided by affordable meal options

Communication Services .SPLRCL up 3.3%. Walt Disney DIS.N tops earnings forecasts with streaming gains, and raises guidance; nonetheless, shares fall Weds, end down >3% for week

Industrials .SPLRCI up 0.6%. TASER-maker Axon Enterprise AXON.O fires higher to record highs after Q2 beat, boosted 2025 rev forecast, rallies >13% for week

Healthcare .SPXHC sags 0.8%. Eli Lilly LLY.N tumbles after oral weight-loss drug data fails to impress. Though LLY pill data 'fell short, but not that short', BofA analysts say. LLY sheds ~18% for week

Vertex Pharmaceuticals VRTX.O slumps after pain drug setback. VRTX down ~21% for week

Meanwhile, big bets on a September rate cut don't mean it'll actually happen, and individual investor bears stage a comeback

SPX performance YTD: