The S&P 500 was up about 0.1%, while the Nasdaq Composite gained 0.2%. The Dow Jones Industrial Average slipped 52 points, or 0.1%.
The S&P 500 is on track for its third straight weekly gain, while the Nasdaq is also set to finish the week higher. Energy and technology stocks have been among the stronger performers this week, with continued investor interest in artificial intelligence-related stocks supporting the broader market.
The S&P 500 hit an intraday record of 7,816.70 on Thursday and also closed at an all-time high. Technology and communication services stocks were among the biggest gainers in the index, rising around 1% each.
Retail sales fall unexpectedly
US retail sales fell 0.6% in July, the Census Bureau said on Friday, marking the steepest monthly decline in more than a year and coming in well below economists’ expectations for a 0.1% increase.
Excluding autos, retail sales declined 0.3%, compared with expectations for a 0.2% increase.
Markets have been supported by a combination of resilient corporate earnings and expectations that the Fed may have room to ease policy later this year if inflation continues to cool.
Earnings remain in focus
With no major earnings reports due on Friday, investors are looking ahead to a busy corporate earnings calendar next week.
Target and Walmart are among the major retailers scheduled to report results, while chipmaker Nvidia’s closely watched earnings report is due on Aug. 26.
Investors will be watching Nvidia’s results and outlook for further clues on the strength of the artificial intelligence investment cycle, which has remained a key driver of gains in technology stocks.
