** S&P 500 .SPX snaps two-week losing streak, rises 3.4% amid hopes for trade deals, rate cuts .N

** SPX registers record closing high on Fri, surpasses previous peak reached in Feb

** Nasdaq Composite .IXIC climbs 4.2%, and on Fri notches its first record high close since Dec, while the Dow .DJI adds 3.8%

** U.S. 10-Year Treasury yield US10YT=RR descends for third straight week to around 4.27%, as economic data spurs increased bets the Fed will lower short-term borrowing costs US/

** Nearly every sector ascends: Communication Services and Technology elevate most, while just Real Estate and Energy retreat

** Tech .SPLRCT surges 4.7%. Nvidia's NVDA.O shares hit record high, market cap tops $3.8 trln, as analyst predicts AI 'Golden Wave'

Micron MU.O rises on strong rev outlook driven by AI chip demand

Semiconductor index .SOX leaps 6.4%

** Consumer Discretionary .SPLRCD lifts 4.4%. Nike NKE.N soars as co to reduce China production for U.S. market to soften tariff blow, as analysts say it laces up for a comeback. NKE scores 20.5% weekly advance

Carnival CCL.N gains after hiking annual profit target on record cruise demand

** Financials .SPSY vault 3.4%. Northern Trust NTRS.O rises on report Bank of New York Mellon BK.N approached co for potential merger

For the week, S&P 500 banks index .SPXBK and KBW regional banking index .KRX both up roughly 5%

** Industrials .SPLRCI strengthen 3.4%. FedEx FDX.N falls on Weds after downbeat profit outlook highlights tariff challenges. Still, FDX finishes 1% higher on the week

** Real estate .SPLRCR sags 0.8%. New York-exposed REITs such as Vornado VNO.N fall as Mamdani poised to win New York City's Democratic mayoral primary, putting city's housing problems in view

Data center landlord Equinix EQIX.O tumbles on weak rev forecast. EQIX biggest SPX loser, sheds 11% on the week

** Energy .SPNY loses 3.5%. Group falls as Israel-Iran ceasefire reduces Middle East oil supply risk O/R

** Meanwhile, optimism among individual investors increases a little - AAII survey

** SPX performance YTD:

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com))