US stocks weekly: Lofty

** S&P 500 .SPX extends winning streak to three weeks, gains 1.2% as potential for additional interest rate cuts by the Fed boosts sentiment .N

** Dow .DJI adds 1.1% and Nasdaq Composite .IXIC vaults 2.2%, claiming fresh all-time closing highs along with the SPX

** And the small-cap Russell 2000 .RUT ascends 2.2%, notches first record-high close since 2021 on Thurs on rate-cut hopes

** The U.S. 10-Year Treasury yield US10YT=RR rises to around 4.13%, snaps four consecutive weeks of declines US/

** In the end, just a minority of sectors elevate: Communication Services and Technology take off, while defensive and bond-proxy plays droop

** Communication Services .SPLRCL surge 3.4%. Google parent Alphabet GOOGL.O rises, enters $3 trillion market cap club as Big Tech's AI momentum builds

** Tech .SPLRCT rallies 2.1%. Intel INTC.O soars 23% on the week after Nvidia NVDA.O $5 bln investment, reignites chips rally, though at AMD's AMD.O expense

This after NVDA shares fell on Weds after FT reported China told tech firms to stop buying all of co's AI chips

Semiconductor index .SOX powers up nearly 4%

Workday WDAY.O gains after activist investor Elliott Management backs leadership, builds more than $2 bln stake

** Consumer Discretionary .SPLRCD up 1.4%. Tesla TSLA.O jumps as Elon Musk's $1 bln stock purchase in latest vote of confidence in EV maker's future

** Industrials .SPLRCI up 1%. FedEx FDX.N rises after fiscal Q1 profit beat, driven by strong domestic deliveries, cost-cutting measures

Uber Technologies UBER.N slips on Weds after peer Lyft LYFT.O announces partnership with Alphabet's Waymo to launch autonomous ride-hailing in 2026

** Financials .SPSY up 0.8%. Though financial data provider FactSet FDS.N sheds 20% on the week after annual profit forecast disappoints

** Materials .SPLRCM dip 0.9%. Corteva CTVA.N falls after report co exploring splitting its seeds and pesticide businesses, stirs value dilution worries

** Meanwhile, Jefferies' Steven DeSanctis sees another 8% gain for the Russell 2000 this year

** SPX performance YTD: