** S&P 500 .SPX breaks two-week winning streak, edges down 0.3% as latest Trump tariff salvos weigh .N

** Dow .DJI retreats 1%, while Nasdaq Composite .IXIC down fractionally

** Indeed, DJI kicked off week looking poised to leap over the velvet rope, but by Fri ended three-week winning streak, as did IXIC

** And despite its weekly drop, SPX trying to do something this July it hasn't done in more than 65 years, though traders tense given trendline, potential July turn

** This, as growth .IGX has been chugging along vs value .IVX, and looks can be deceiving: Small caps suddenly pack a punch

** U.S. 10-Year Treasury yield US10YT=RR, at around 4.42%, on pace to rise for a second week in a row

** Majority of sectors painted red: Financials and Consumer Staples suffer most splats, while Energy captures the flag

** Financials .SPSY fade 1.9%. JPMorgan Chase JPM.N falls after HSBC downgrades stock. JPM registers 3% weekly loss

For the week, S&P 500 banks index .SPXBK off 2.5%, KBW regional banking index .KRX slips just 0.6%

** Consumer Staples .SPLRCS fall 1.8%. Conagra Brands CAG.N sags after packaged food maker says tariff costs will dent annual profit

Hershey HSY.N appoints burger chain Wendy's WEN.O CEO Kirk Tanner as its top boss; HSY shares melt

** Materials .SPLRCM dip 0.3%. Freeport-McMoRan FCX.N rises as Trump to impose 50% tariff on U.S. copper imports, to start on Aug 1

** Consumer Discretionary .SPLRCD edges up 0.1%. Tesla TSLA.O slides on Mon as Musk's planned launch of new political party rattles investors, but then rallies on Thurs after announcing annual shareholder meeting, just prior to a deadline under Texas law

** Tech .SPLRCT ticks up 0.2%. Chip bellwether Nvidia NVDA.O becomes first public co in world to hit $4 trln market value on AI dominance

Semiconductor index .SOX up nearly 1%

Though, Fair Isaac FICO.N, better known as FICO, dives as Fannie Mae and Freddie Mac to allow use of rival credit score

And First Solar FSLR.O dims after Trump order seeks to end subsidies for solar and wind energy projects

** Industrials .SPLRCI firm 0.6%. Delta Air Lines DAL.N soars on strong 2025 profit forecast, betting on lower seating capacity to lift ticket prices, boosts travel stocks

NYSE Arca Airlines index .XAL ascends 2%

** Utilities .SPLRCU rise 0.7%. AES Corp AES.N jumps on report of potential sale amid takeover interest from major investment firms

** Energy .SPNY rallies 2.5%. Group tracks crude prices higher amid renewed Houthi attacks in Red Sea, concerns about U.S. tariffs and forecasts for less U.S. oil production O/R

Exxon Mobil XOM.N flags hit to Q2 profit. Still, XOM advances ~3% on the week

** Meanwhile, crypto stocks surge premarket on Fri as Bitcoin BTC= scales record peak, and drone plays take flight as Hegseth ordered production boost

** SPX performance YTD:

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)

((lance.tupper@tr.com ; terence.gabriel@tr.com))