** S&P 500 .SPX dives 2.4% as stocks tank on Fri after fresh flare-up of U.S.-China trade tensions rattles markets .N

** Dow .DJI retreats 2.7%, Nasdaq Composite .IXIC loses 2.5%

** CBOE market volatility index .VIX, Wall Street 'fear gauge', spikes to 21.66, highest close since Jun 19

** U.S. 10-Year Treasury yield US10YT=RR tumbles to end around 4.06% as investors seek shelter US/

** Nearly every S&P sector slammed: Energy jolted most, while just Consumer Staples and Utilities persevere

** Energy .SPNY sinks 4%. Group drops on Gaza ceasefire agreement, Trump's tariff threat O/R

** Consumer Discretionary .SPLRCD down 3.3%. Tesla TSLA.O falls after roll out of 'affordable' EV models viewed as too expensive to some

Homebuilders suffer big weekly losses amid margin, demand concerns. D.R. Horton DHI.N among worst SPX performers, sheds 13%

PHLX housing index .HGX plummets 7.5%, its worst week since Jun 2022

Retailers including sneaker maker Nike NKE.N and electronics seller Best Buy BBY.N drop as Trump hints at a massive increase on Chinese imports

** Materials .SPLRCM melt 3.1%. Copper miners such as Freeport-McMoRan FCX.N fall Fri as Trump comment on China sparks trade war fears

And, in turn, gold miners including Newmont NEM.N edge up as gold price XAU= tops $4,000 again, boosted by safe haven demand

** Financials .SPSY flop 3%. Fifth Third Bancorp FITB.O dips after it agrees to buy regional lender Comerica CMA.N in $10.9 bln deal

For the week, S&P 500 banks index .SPXBK down ~4%, KBW regional banking index .KRX stumbles 4.8%

** Industrials .SPLRCI crumble 2.9%. On the bright side, Delta Air Lines DAL.N shares take flight on optimistic Q4 outlook

** Tech .SPLRCT slides 2.5%. Early in the week, Advanced Micro Devices AMD.O surges on multi-year AI chip-supply deal with OpenAI

However, on Fri, chipmakers plunge as Trump threatens higher China tariffs

Semiconductor index .SOX loses 2.7%, even as AMD notches 30.5% weekly gain

** Communication Services .SPLRCL slip 2.2%. Verizon VZ.N falls after it names former PayPal PYPL.O boss as new CEO

** Consumer Staples .SPLRCS up 0.6%. PepsiCo PEP.O gains after upbeat Q3 results, helped by resilient demand for its energy drinks, healthier sodas and snacks, and names new CFO

** Meanwhile, America builds but seldom adopts - the AI gap

** SPX performance YTD:

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

((lance.tupper@tr.com))