** S&P 500 .SPX rises 2nd-straight week, adds 0.3% as Fed rate-cut expectations stay elevated .N

** Dow .DJI adds 0.5%, while Nasdaq Composite .IXIC lifts nearly 1%

** Indeed, Nasdaq Composite has been blazing the trail back up

** By mid-week, S&P 500 comes within striking distance of its record highs, but push above Oct 28 record close on Fri fails to hold

** Of note, Dow Jones Transportation Average .DJT now on 10-day win streak, longest since 11-day run of gains that ended in Aug 2020

** Growth vs Momentum: The race may come down to the wire

** U.S. 10-Year Treasury yield US10YT=RR rises to around 4.14%, snapping two straight weeks of declines. Nevertheless, the yield is still a coiled spring

** Majority of sectors enthused: Energy and Technology most upbeat, while defensive plays pessimistic

** Energy .SPNY up 1.4%. Group tracks oil prices higher after Russia says Ukraine peace talks fail to reach breakthrough O/R

** Tech .SPLRCT up 1.4%. Microchip MCHP.O surges 23% on week after improved fiscal third-qtr outlook

Chip design software maker Synopsys SNPS.O gains after Nvidia NVDA.O takes $2 bln stake as AI deal spree accelerates

Semiconductor index .SOX leaps ~4%

Salesforce CRM.N climbs after raised annual outlook as its AI platform Agentforce gains traction

** Communication Services .SPLRCL up 0.8%. Meta Platforms META.O gains on report of up to 30% likely budget cut to its Metaverse initiative

Warner Bros Discovery WBD.O advances as Netflix NFLX.O to buy WBD's TV and film studios and streaming unit, though presumed front-runner Paramount Skydance PSKY.O plunges as its bid eclipsed

** Financials .SPSY gain 0.6%. JPM downgrades Fiserv FISV.O, PayPal PYPL.O ratings to 'neutral.' Still, FISV surges ~8%, while PYPL off ~1%

For the week, S&P 500 banks index .SPXBK rallies 2%, KBW regional banking index .KRX rises 2.4%

** Industrials .SPLRCI firm 0.5%. Boeing BA.N rises on Tues after CFO says planemaker expects higher 737, 787 deliveries next year, then falls on Weds as FTC requires Spirit AeroSystems SPR.N asset sales for merger approval. BA ascends 7% on week

** Consumer Staples .SPLRCS retreat 1.4%. But Dollar General DG.N jumps after annual profit forecast hike on resilient demand, and rival Dollar Tree DLTR.O up after raising its profit outlook on steady affordable essentials demand

** Real Estate .SPLRCR sheds 1.5%. Alexandria Real Estate Equities ARE.N crumbles after REIT slashes qtrly dividend by 45% to strengthen balance sheet, preserve liquidity

** Healthcare .SPXHC sags 2.7%. Vaccine makers including Moderna MRNA.O fall on Mon after US FDA memo links child deaths to COVID shots

** Utilities .SPLRCU dive 4.5%. Exelon EXC.O extends drop after $900 mln convertible bond offering

** Meanwhile, individual investor bulls charge, bears retreat

** 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))