The U.S. stock market ends bullish weak on a softer note.
U.S. stocks traded mixed-to-lower on Friday, weighed down by plunging technology and defensive plays.
The Dow Jones Industrial Average (NYSEARCA:DIA) extended its winning streak to eight days, gaining 37.07 points, or 0.1%, to 27,219.52. The blue-chip index rose by as much as 95 points on Friday.
The large-cap S&P 500 Index (NYSEARCA:SPY) closed down 0.1% at 3,007.39, with seven of 11 primary sectors finishing lower. Real estate, consumer staples, utilities and technology companies were the main laggards. On the opposite side of the ledger, energy, financials and materials rose sharply.
Sliding tech shares weighed on the Nasdaq Composite Index (NYSEARCA:QQQ), which fell 0.2% to 8,176.71.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) hovered right around break-even on Friday, signaling underlying calm on Wall Street. The so-called “fear index” settled at 13.85, where it was down 2.6% for the day.
In economic data, U.S. retail sales rose more than expected last month, a sign that the consumer-led recovery was still on track.
Receipts at retail stores rose 0.4% in August following an upwardly revised gain of 0.8% the month before, the Department of Commerce said Friday. Excluding automobiles, receipts flatlined.
Separately, the University of Michigan’s consumer sentiment index improved to 92.0 in September from 89.8 the month before.
The Final Word: Attention shifts back to monetary policy next week, with the Federal Reserve scheduled to deliver its second interest-rate cut in as many meetings. The likelihood of a rate cut currently stands near 80%, according to CME Fed Fund futures prices.