U.S. stocks weekly: Tech wreck
** S&P 500 .SPX breaks two-week winning streak, loses 2% as tech selloff weighs .N
** Indeed, SPX waves a quick goodbye to this week's record highs
** Both S&P 500 and Nasdaq .IXIC, down 3.7%, suffer biggest weekly percentage drops since the mid-Apr market lows, though Dow .DJI posts 0.7% gain, ends over 40k
** U.S. 10-Year Treasury yield US10YT=RR falls as low as 4.144%, nears key support at 4.14%, bounces
** Though traders eye a power struggle within the Nasdaq, as this month it had been one small step for tech, and one giant leap for banks
** Majority of sectors retreat; Technology thrashed, while Financials, Real Estate and Energy thrive
** Tech .SPLRCT plunges 5.1%. CrowdStrike CRWD.O slumps after global tech outage related to the cybersecurity firm. CRWD sheds 18% on week
Chip stocks hit by China trade worries, tech sector rout
Semiconductor index .SOX plummets ~9%
** Communication Services .SPLRCL drop 2.9%. Netflix NFLX.O slips on downbeat Q3 rev, subscriber additions forecast
On the flip side, Warner Bros Discovery WBD.O rises on report co considering break-up plan. WBD notches ~17% weekly gain
** Consumer Discretionary .SPLRCD declines 2.7%. Domino's Pizza DPZ.N tumbles 18% on trimming store openings target
** Utilities .SPLRCU falter 1.6%. CenterPoint Energy CNP.N falls after Texas Gov. threatens executive order over power failures
** Financials .SPSY up 1.2%. Goldman Sachs GS.N hits record high after Q2 profit more than doubles. Bank of America BAC.N rises on upbeat NII forecast, profit beat
Banks surge after retail sales data fails to dampen hopes of Sept rate cut
On the week, S&P 500 banks index .SPXBK up 3.4%, KBW regional banking index .KRX soars 8%
** Energy .SPNY jumps 2%. Group gains on lower US inventories, weak dollar O/R. Oilfield services firm SLB SLB.N, formerly Schlumberger, rises on Q2 EPS beat
** Meanwhile, AAII optimism highest since December
** 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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