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** S&P 500 advances for 3rd straight week, edges up 0.4%

** Indeed, even with fresh record highs, the SPX is doing the creep, and appears to be in wait and see mode

** Though Nasdaq , with the wind at its back

, gets leveled up , and outperforms with near 2% rise

** Majority of sectors climb: Healthcare rallies, while materials and financials slide. When it comes to tech vs banks, has the switch flipped?

** Healthcare gains 1.9%. Biogen soars 39% after Alzheimer's drug gets regulatory nod , and analysts see drug approval as positive for Eli Lilly

. LLY rises 11%

** Tech up 1.4%. Apple at annual conference says FaceTime to be open to Windows, Android users

** Consumer Staples slip 0.7%. Campbell Soup

worst sector performer, down ~7%, after co slashes earnings forecast on higher costs

** Industrials shed 1.7%. UPS drops as post-pandemic growth plan disappoints, weighs on FedEx , transports . Dow Jones transports down 1%

** Financials slump 2.4%. Banks suffer worst day in nearly two months as U.S. Treasury yields fall following May inflation data . S&P 500 Banks index dives 3.5%

** Meanwhile, as investors fret over the "I" word

, markets turn their attention to the coming FOMC Meeting , ahead of a quadruple witching

** SPX performance YTD:

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)

((lance.tupper.tr.com@reuters.net lance.tupper@tr.com terence.gabriel.tr.com@reuters.net terence.gabriel@tr.com))