The S&P 500 closed at a record high for the fourth consecutive day, but still finished the week up more than 1%.
The S&P 500 technology sector rose 0.5%, hitting a record closing high, while communication services rose 0.6%, the top gainer among sectors.
Adobe shares rose 14.5% the following day after the company raised its full-year revenue forecast on growing demand for its artificial intelligence-enabled software.
“We’ve seen a big rally this week, driven by big tech. Under the surface, a lot of sectors are weak,” said Adam Sirhan, CEO of 50 Park Investments in New York. The Russell small-cap index fell 1.6%, adding to 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 lost 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 was up 1.6% and the Nasdaq was up 3.2%.
Investors are still waiting to gauge how quickly the Federal Reserve can cut interest rates.
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.
Fed policymakers on Wednesday lowered their forecast for rate cuts this year to one from three.
Reported on Friday, the University of Michigan’s preliminary consumer confidence index for June fell to 65.6, well below expectations.
Nvidia’s shares rose 1.8%, briefly overtaking Apple to become the world’s second-largest company by market capitalization.
According to a report by Bank of America Global Research, $2.6 billion flowed out of U.S. value stock funds in the week ending Wednesday, while investors poured $1.8 billion into U.S. growth stock funds.
Volume on U.S. exchanges was 10.12 billion shares, below the 12.1 billion average for the full trading period over the past 20 trading days.
Declining stocks outnumbered advancing stocks on the NYSE by a 2.39-to-1 ratio, while declining stocks outnumbered advancing stocks on the Nasdaq by a 2.51-to-1 ratio.
The S&P 500 recorded 11 new 52-week highs and 16 new lows, while the Nasdaq Composite recorded 30 new highs and 192 new lows.
