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The
S&P 500 ended its four-day run of record closing highs, but
still climbed more than 1% for the week.
The S&P 500 technology sector rose 0.5%, hitting another record
high close. The communication services sector rose 0.6%, leading
gains among sectors.
Adobe shares jumped 14.5% a day after the company raised its
annual revenue forecast on more demand for its artificial
intelligence-powered software.
"You've had a big rally this week, led by big-cap tech. Under
the surface, we have a lot of areas acting weak," said Adam
Sarhan, chief executive of 50 Park Investments in New York.
The Russell small-cap index fell 1.6%, adding to recent losses,
while the S&P 500 industrials sector was down 1%.
The Dow Jones Industrial Average fell 57.94 points, or 0.15%, to
38,589.16. The S&P 500 lost 2.14 points, or 0.04%, at 5,431.6
and the Nasdaq Composite added 21.32 points, or 0.12%, at
17,688.88.
For the week, the Dow was down 0.5%, the S&P 500 rose 1.6% and
the Nasdaq was up 3.2%.
Investors are still trying to gauge how soon the Federal Reserve
might be able to cut interest rates.
Fed Bank of Chicago President Austan Goolsbee said he was
relieved after data this week showed inflation in May had
cooled, but he would still like to see "more months" of similar
data before cutting interest rates.
On Wednesday, Fed policymakers dialed back their projections for
three cuts this year to just one.
In a report on Friday, a preliminary reading of the University
of Michigan's Consumer Sentiment Index slipped to 65.6 in June,
sharply lower than expectations.
Nvidia shares ended up 1.8% after briefly surpassing Apple as
the world's second-most valuable company.
A BofA Global Research report showed U.S. value stock funds had
$2.6 billion of outflows, while investors poured $1.8 billion
into U.S. growth stock funds in the week to Wednesday.
Volume on U.S. exchanges was 10.12 billion shares, compared with
the 12.10 billion average for the full session over the last 20
trading days.
Declining issues outnumbered advancers on the NYSE by a
2.39-to-1 ratio; on Nasdaq, a 2.51-to-1 ratio favored decliners.
The S&P 500 posted 11 new 52-week highs and 16 new lows; the
Nasdaq Composite recorded 30 new highs and 192 new lows.
(Reporting by Caroline Valetkevitch; Additional reporting by
Lisa Mattackal and Johann M Cherian in Bengaluru; Editing by
Maju Samuel and Richard Chang)
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