The S&P 500 ended its four-day streak of closing at a record high, but still gained more than 1% for the week.
The S&P 500 technology sector rose 0.5%, hitting another record high. The communication services sector rose 0.6%, the most among all sectors.
Adobe shares jumped 14.5% a day after the company raised its annual revenue forecast due to rising demand for its artificial intelligence-powered software.
“We saw a big rally this week, led by large-cap tech companies. On the surface, many of our sectors are in a weak position,” said Adam Sarhan, chief executive of 50 Park Investments in New York.
The Russell small-cap index fell 1.6%, extending recent losses, while the S&P 500 industrial sector lost 1%.
The Dow Jones Industrial Average fell 57.94 points, or 0.15%, to 38,589.16. The S&P 500 fell 2.14 points, or 0.04%, to 5,431.6 and the Nasdaq Composite rose 21.32 points, or 0.12%, to 17,688.88.
For the week, the Dow was down 0.5%, the S&P 500 gained 1.6% and the Nasdaq was up 3.2%.
Investors are still trying to gauge how soon the Federal Reserve will be able to cut interest rates.
Fed Bank of Chicago President Austan Goolsbee said he was relieved by this week’s data showing inflation eased in May, but he would like to see similar data for “a few more months” before cutting interest rates.
On Wednesday, Fed policymakers lowered their forecast of three cuts this year to just one.
The University of Michigan’s preliminary consumer sentiment index came in at 65.6 in June, well below expectations, a report released Friday showed.
Nvidia shares rose 1.8%, briefly overtaking Apple to become the world’s second most valuable company.
A BofA Global Research report showed that US value stock funds saw $2.6 billion of withdrawals in the week to Wednesday, while investors pumped $1.8 billion into US growth stock funds.
Volume on U.S. exchanges was 10.12 billion shares, while the average volume for the full session over the last 20 trading days was 12.10 billion.
Declining issues outnumbered rising ones by a 2.39-to-1 ratio on the NYSE; declining issues outnumbered rising ones by a 2.51-to-1 ratio on the Nasdaq.
The S&P 500 recorded 11 new 52-week highs and 16 new lows; the Nasdaq Composite recorded 30 new highs and 192 new lows.
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