BUZZ-US stocks weekly: Seesaw

** S&P 500 .SPX falls 1.9% as employment data stokes inflation fears .N

** Indeed, Santa disappointed, and then new year cheer fades away; benchmark index tests support

** This as the Dow .DJI falls 1.9%, and Nasdaq Composite .IXIC sags 2.3%

** And broader market has been beaten up. With this, some beacons began to brighten, only to then dim again by week's end

** U.S. 10-Year Treasury yield US10YT=RR jumps to 4.79%, highest since Nov 2023, after hot jobs report US/T

** Vast majority of sectors wobble; Real estate and Technology descend most, while Healthcare and Energy receive biggest boosts

** Tech .SPLRCT retreats 3.1%. Chipmakers rise on Mon as Microsoft MSFT.O plans $80 bln investment in AI data centers, prior to keynote speech from Nvidia NVDA.O CEO Jensen Huang at annual CES trade show

Micron MU.O extends gains on Tues as co to provide memory for NVDA's gaming chips

But group suffers second straight session of losses on Weds as higher yields weigh on tech space broadly, and NVDA on Fri slips after report Biden planning new restrictions on AI chips exports

Semiconductor index .SOX sheds 2.4% on the week

** Financials .SPSY droop 2.7%. Insurers fall as LA fires set to be costliest in California history

** Consumer Discretionary .SPLRCD down 2.3%. Though eBay EBAY.O jumps as its listings to show on Facebook Marketplace in Meta Platforms META.O test

** Utilities .SPLRCU lose 2%. Edison International EIX.N shares tumble as California wildfires rage, and extend slide on Fri. EIX sinks ~19%

On the flip side, Constellation Energy CEG.O surges 21% on $27 bln deal to acquire Calpine

** Consumer Staples .SPLRCS off 1.9%. However, Walgreens WBA.O rallies 24% after fiscal Q1 profit beats consensus, benefitting from CEO's turnaround efforts

** Industrials .SPLRCI down 1%. Though Delta Air Lines DAL.N ascends as it forecasts 2025 to be the most profitable year in its 100-yr history, lifts peers

** Communication Services .SPLRCL edge down 0.7%. Facebook/Instagram owner Meta scraps fact-checking policy ahead of second Trump administration, and META gains on Fri as Supreme Court signals skepticism on TikTok's bid to block ban

** Healthcare .SPXHC up 0.5%. Vaccine maker Moderna MRNA.O advances on Tues amid growing concerns around bird flu

** Energy .SPNY up 0.9%. Exxon Mobil XOM.N down on Weds after saying sees weaker performance in Q4, though group rises on Fri amid new sanctions on Russia

** Meanwhile, when it comes to 2025 Fed rate cuts, might it just be one and done? And individual investor bears broaden, bulls back away

** 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))