July 16, 2018 / 11:16 AM / 3 months ago

RPT-BUZZ-U.S. stocks weekly: Still has kick

(Repeats from Friday, updates chart, no changes to text)

** S&P 500 hits highest level since early Feb, finishes up 1.5 pct as corporate scorecards overshadow trade conflicts

** Indeed, S&P Futures have been going pillar to post. This as Dow Jones Futures have been swinging along

** But if SPX is to break free, and EScv1 is not to be poor Icarus, must shake off a Y2K ghost

** And small caps need to start punching above their weight again, while NY FANG+TM index needs to get its bite back

** Most sectors use their heads; tech, industrials and consumer disc MVPs, while defensive plays prove to be porous

** Tech rises 2.3 pct. Broadcom (-18 pct) and CA Inc (+20 pct) are SPX 500 bookends as $19 bln deal perplexes Street. Though chip sector still struggling to sync with Nasdaq . Microsoft pops into "Gang of Four", joins $800 bln plus market cap club

** Industrials rally 2.2 pct. Top group performer Fastenal jumps 15 pct on Q2 beat, dividend boost

** Financials up 1.1 pct. But picture mixed as JPMorgan, Citigroup and Wells Fargo kick off banks earnings season

** Telecom gets a red card, falls 1.6 pct. AT&T drops on DoJ's move to appeal Time Warner merger approval

** SPX sector performance over past 12 mths: reut.rs/2NlK6xd

** Meanwhile, RBC and Morgan Stanley shift to defensive stance on market , and in the World Cup, Nike stands alone as the jersey sponsor with teams in the final

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