Repeats from Friday, no changes to text, updates chart.

** S&P 500 .SPX rallies 2.4% on Fed rate cut hopes .N

** Dow .DJI up 1.3%, while Nasdaq Composite .IXIC advances 3.9%

** Week started out with traders assessing the recent damage, along with signs that momentum MTUM.K was coming up lame

** But then appeared the DJI setting up for another run at the wall, and by Fri, Nasdaq scores its 18th record closing high of 2025

** Despite new IXIC highs, sputtering thrust is a concern

** Still, traders pose a question: "Mirror, mirror on the wall, will small caps ever be the fairest of them all?"

** U.S. 10-Year Treasury yield US10YT=RR, holds 4.187% support; rises back toward ~4.30%

** Most sectors steam ahead; Tech and Consumer Discretionary on the front burner, while just Energy and Healthcare and Real Estate are left in the freezer

** Tech .SPLRCT leaps 4.2%. Palantir PLTR.O surges >20% after second annual rev forecast hike this year on surging AI demand

Apple AAPL.O shares jump >13% as $100 bln U.S. manufacturing pledge eases tariff fears

Chipmakers climb as tariff impact seen as contained

Semiconductor index .SOX gains 2.7%

** Consumer Discretionary .SPLRCD rallies 3.7%. McDonald's MCD.N rises as global sales exceed expectations, aided by affordable meal options

** Communication Services .SPLRCL up 3.3%. Walt Disney DIS.N tops earnings forecasts with streaming gains, and raises guidance; nonetheless, shares fall Weds, end down >3% for week

** Industrials .SPLRCI up 0.6%. TASER-maker Axon Enterprise AXON.O fires higher to record highs after Q2 beat, boosted 2025 rev forecast, rallies >13% for week

** Healthcare .SPXHC sags 0.8%. Eli Lilly LLY.N tumbles after oral weight-loss drug data fails to impress. Though LLY pill data 'fell short, but not that short', BofA analysts say. LLY sheds ~18% for week

Vertex Pharmaceuticals VRTX.O slumps after pain drug setback. VRTX down ~21% for week

** Meanwhile, big bets on a September rate cut don't mean it'll actually happen, and individual investor bears stage a comeback

** 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))