Stocks end mostly lower, but tech gains push Nasdaq higher

Wall Street closed out a week of choppy trading with stocks mostly lower Friday, though gains for several tech companies pushed the Nasdaq composite to another record high and its first close over 16,000 points.

The S&P 500 index gave up 0.1% a day after setting an alltime high. The Dow Jones Industrial Average fell 0.7% and the Nasdaq composite rose 0.4%. Despite an upanddown week, the S&P 500 and Nasdaq notched weekly gains, while the Dow posted its second straight weekly loss.

Some 66% of companies in the S&P 500 fell, with financial and energy stocks accounting for a big share of the pullback. Those losses outweighed gains in technology and a mix of companies that rely on consumer spending.

Investors continued to review earnings from a range of retailers to essentially close out the latest round of corporate report cards. They’re also focusing on the potential risks to the economy and corporate profits from rising inflation, which has pushed stocks into a bumpier path after weeks of solid gains.

“There’s still a wide range of outcomes and perspectives around whether inflation is becoming more imbedded and durable or will be transitory,” said Bill Northey, senior investment director at U.S. Bank Wealth Management.

The S&P 500 fell 6.58 points to 4,697.96. The Dow slid 268.97 points to 35,601.98, its third straight drop. The Nasdaq added 63.73 points to 16,057.44, for its sixth straight gain.

Smaller-company stocks fell more than the broader market. The Russell 2000 index lost 20.43 points, or 0.9%, to 2,343.16.

The yield on the 10-year Treasury fell to 1.54% from 1.59% late Thursday.