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BUZZ-U.S. stocks weekly: On a high

** S&P 500 advances 0.8% as Fed chief Powell sends strong signal of an interest rate cut later this month ** All three major averages close at record highs, though there still may be trouble ahead ** Indeed, the SPX may be running out of time and space , just as the NYSE may be running out of gas ** And this with the Dow Industrials and Dow Transports out of sync ** Majority of sectors gain: Energy and consumer discretionary most buoyant, while healthcare slumps ** Energy rises 2.2%. U.S. inventory drawdown, Gulf of Mexico storm push crude prices up ** Tech up 1.5%. Advanced Micro Devices rises 3 straight sessions after new chip launch and Wall Street hikes price targets ** Financials gain 0.5%. Big banks at first dip as Powell's comments raise bets for imminent rate cut, though get swept up in the market's enthusiasm by week's end. S&P 500 Banks Index adds 0.5% ** Materials lose 0.8%. German chemicals giant BASF's dire profit warning drags down U.S. peers . Corteva, DuPont, Mosaic drop 3%-7% ** Healthcare slides 1.4%. Surprise move by White House to kill drug rebate rule roils sector. Drug supply chain cheers and insurers Cigna Corp and UnitedHealth among biggest winners, but pharma stocks Eli Lilly, Merck and Pfizer sell off. Johnson & Johnson falls after reports of criminal probe . Worst SPX stock, Illumina, plunges ~19% on dim Q2 revenue estimate. Nasdaq Biotech Index loses 3.5% ** Meanwhile, the FANG index is making a sharp point on the charts ** SPX sector performance YTD through Thurs: