** S&P 500 gains third consecutive week, advances 0.6%
** Indeed, benchmark index heating up just as summer solstice hits
** And Nasdaq ekes out third-straight weekly gain, though it may be flying on fumes
** Most sectors toasty; Consumer Discretionary and Energy bake most, while Tech and bond-proxies cool off; this, as Growth
was on pace for its best month vs Value in 24 years, before stumbling relatively last 3 trading days of the week
** Consumer Discretionary surges 2.5%. AutoZone's
shares accelerate after auto parts retailer's $1.5 bln buyback announcement
** Energy ignites 1.9%. Occidental Petroleum lifts as Warren Buffett's Berkshire again boosts stake
Crude prices lift for a second week on signs of improving demand; For the month so far, crude futures well up, but energy sector still in the ground
** Financials up 1.7%. Though big U.S. banks dip Fri as living will flaws spark regulatory concerns
Still, for the week, S&P 500 banks index rises 1.4%, KBW regional banking index up 1.7%
** Healthcare up 0.6%. Gilead extends rally on Fri on long-acting HIV drug trial success
** Tech slips 0.7%. However, design software maker Autodesk gains after activist investor Starboard Value takes $500 mln stake
Chipmaker Nvidia on Tues dethrones Microsoft
to become most valuable public co, but AI-darling on Fri falls second straight day amid profit taking. NVDA sheds 4% on the week
Semiconductor index eases 1%
** Utilities down 0.8%. NextEra Energy falls after $2 bln equity units sale
** Meanwhile, Small Cap earnings view brightens a bit
** SPX performance YTD:
(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)
((lance.tupper.tr.com@reuters.net lance.tupper@tr.com terence.gabriel.tr.com@reuters.net terence.gabriel@tr.com))
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