** S&P 500 .SPX edges up 0.6% as earnings reports and Fed chair Powell's fate dominate the headlines .N

** Dow .DJI inches lower 0.1%, but Nasdaq Composite .IXIC vaults 1.5%

** This after SPX spent the week tiptoeing around a trip wire, while the equal-weight S&P 500 .SPXEW hit a 22-year low vs cap-weighted benchmark

** Still, with tech on a tear, Nasdaq leaps to the top of the heap

** Then, by Thurs, Nasdaq and S&P 500 achieve new highs, Dow nears key levels. Then on Fri, SPX slips, DJI dips, but Nasdaq scores its 11th record closing high of the year

** In any event, a strategist sees more S&P 500 highs despite investor nerves

** U.S. 10-Year Treasury yield US10YT=RR pops to about 4.50%, highest since mid-June, before pulling back, on track to end week flat, around 4.42% US/

** Most sectors traverse successfully: Technology most nimble, while Healthcare and Energy wobble

** Tech .SPLRCT up 2%. Nvidia NVDA.O and Advanced Micro AMD.O gain as China chip sales set to resume

Semiconductor index .SOX ticks up 0.6%

** Financials .SPSY climb 0.7%. JPMorgan JPM.N eases on Tues despite strong results in investment banking and trading, Citigroup C.N hits highest since 2008 on profit beat, buyback plans, while Wells Fargo WFC.N falls after cutting annual interest income forecast

Bank of America BAC.N and Goldman Sachs GS.N ride trading boom, though Morgan Stanley MS.N slides as investment banking rev shrinks

For the week, S&P 500 banks index .SPXBK up ~1%, KBW regional banking index .KRX up just 0.6%

Coinbase COIN.O surges to record high on crypto sector momentum

** Communication Services .SPLRCL up 0.1%. Netflix NFLX.O stumbles on Fri after reporting in line Q2 rev, and raised rev forecast fails to impress

** Healthcare .SPXHC sags 2.5%. Waters Corp WAT.N tumbles as co to buy biosciences and diagnostics unit spun off from Becton Dickinson BDX.N in $17.5 bln deal

On the flip side, Johnson & Johnson JNJ.N jumps after it lifts 2025 forecast, halves tariff cost outlook

** Energy .SPNY plunges 3.9%. Group declines on Weds as U.S. fuel inventory build offsets signs of growing demand

On Fri, Chevron CVX.N ultimately topples as it closes Hess HES.N acquisition after winning Exxon Mobil XOM.N legal battle

SLB SLB.N dives after oilfield services firm posts lower qtrly profit

** Meanwhile, Trump vs Powell: How messy might it get? And could the Trump-Powell clash cause a financial constitutional crisis?

** 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))