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RPT-BUZZ-U.S. stocks weekly: More than a small step back

(Repeats from Friday. Updates chart) ** S&P 500 loses 1.2% as investors weigh quarterly reports and dovish signals from top Fed officials ** Indeed, a battle line has been drawn on the SPX chart . This with the Dow Industrials crossing swords, and the Nasdaq potentially run-down at resistance ** Complacency can add to vulnerability, especially when Nasdaq volatility may be a bubbling cauldron, making traders wonder whether it's all just the calm before the storm ** Vast majority of sectors land on the dark side: Communication services and energy crater, while consumer staples end higher, but not with its earlier leap forward ** Communication Services slump 3.1%. Netflix sinks ~16% on subscriber losses ** Energy slides 2.7%. Oil prices fall on slowing demand concerns even as U.S.-Iran tensions simmer ** Financials drop 1.3%. Mixed bag for sector as big banks kick off Q2 earnings season ** Industrials sag 1.2%. Railroad operator CSX Corp falls as rivals chug along. Though truckers ride higher on JB Hunt's robust forecast ** Tech down 0.7%. Though International Business Machines gains 5% as cloud growth fuels profit beat and Microsoft hits record high Fri, powered by its growing cloud sales ** Consumer Staples edge higher by 0.2%. Best sector performer Philip Morris gains 8% on beat-and-raise report, heats up tobacco stocks ** Meanwhile, it's early, but Q2 earnings estimates are behaving normally, though Fed cut anticipation may be papering over trade woes ** SPX sector performance YTD: