The S&P 500 fell slightly on Friday, ending a four-day streak of closing at record highs, but gains in Adobe and other technology stocks limited the decline.
The S&P 500 technology sector rose, with Adobe shares soaring after the company raised its full-year revenue outlook on growing demand for its artificial intelligence-enabled software.
Investors were also analysing economic data to gauge how quickly the Federal Reserve can cut interest rates.
The University of Michigan's preliminary consumer confidence index for June fell to 65.6, well below expectations.
Fed policymakers on Wednesday lowered their forecast for rate cuts this year to one from three.
“The main picture here is that the market is expanding,” said Adam Sirhan, chief executive officer at 50 Park Investments in New York. “We've seen a big rally this week, led by big tech stocks. Under the surface, there are a lot of areas that are weakening.”
The S&P 500 lost 0.03% to finish at 5,432, while the Nasdaq Composite rose 0.14% to 17,688. The Dow Jones Industrial Average lost 0.14% to 38,591, according to preliminary data.
The Russell Small Cap Index fell.
Chicago Fed President Austin Goolsbee said he was relieved by data released this week showing inflation slowed in May but still wanted to see similar data for “several more months” before cutting rates.
Nvidia shares also rose. (Reuters)
