The Nasdaq eked out a fifth straight record closing high on Friday (Jun 14) following gains in Adobe and other technology-related shares, while the S&P 500 and Dow ended slightly lower.
The S&P 500 ended its four-day run of record-closing highs, but still climbed more than 1 per cent for the week.
The S&P 500 technology sector rose 0.5 per cent, hitting another record-high close. The communication services sector rose 0.6 per cent, leading gains among sectors.
Adobe shares jumped 14.5 per cent 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 per cent, adding to recent losses, while the S&P 500 industrials sector was down 1 per cent.
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The Dow Jones Industrial Average fell 57.94 points or 0.2 per cent to 38,589.16. The S&P 500 lost 2.14 points or 0.04 per cent at 5,431.6 and the Nasdaq Composite added 21.32 points or 0.1 per cent at 17,688.88.
For the week, the Dow was down 0.5 per cent, the S&P 500 rose 1.6 per cent and the Nasdaq was up 3.2 per cent.
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 per cent after briefly surpassing Apple as the world’s second-most valuable company.
A Bank of America Global Research report showed US value stock funds had US$2.6 billion of outflows, while investors poured US$1.8 billion into US growth stock funds in the week to Wednesday.
Volume on US exchanges was 10.12 billion shares, compared with the 12.1 billion average for the full session over the last 20 trading days.
Declining issues outnumbered advancers on the New York Stock Exchange by a 2.39-to-1 ratio; on Nasdaq, a 2.51-to-1 ratio favoured 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. REUTERS
