Nasdaq Composite ekes out fifth straight record close, notches a 3% weekly gain: Live updates

The Nasdaq Composite ticked higher on Friday to close at a record for the fifth straight session. The tech-heavy index inched higher by 0.12% to end at 17,688.88. The S&P 500 inched lower by 0.04%, closing at 5,431.60 and snapping a four-day win streak. The Dow Jones Industrial Average slipped 57.94 points, or 0.15%, to end at 38,589.16. The University of Michigan’s Survey of Consumers showed that consumer sentiment declined to 65.6 in June, down from 69.1 in May. This reading also came below the 71.5 Dow Jones estimate. Eight of the 11 sectors in the S&P 500 slid during the session, with communication services, information technology and consumer staples emerging as the only winners. Within the broad market index, more than 360 stocks ended the day with declines. “The reality is that, even in these bull markets, there are going to be days where you take a pause and where people take some gains. We’ve had such a strong run, especially coming off of soft PPIs and soft CPI … I think it’s a pretty, pretty natural place to take a pause after a pretty aggressive rally,” said Ross Mayfield, an investment strategy analyst at Baird. Hopes for a continued cooling of inflation have boosted the S&P 500 and Nasdaq this week. The S&P 500 and Nasdaq Composite ended the week higher by about 1.6% and 3.2%, respectively. Wholesale inflation unexpectedly ticked down 0.2% last month, while economists polled by Dow Jones expected the gauge to increase 0.1%. That follows a consumer price index reading that was flat on a monthly basis in May. Elsewhere, software giant Adobe leapt 14.5% Friday after fiscal second-quarter results surpassed Wall Street estimates. Declines in Caterpillar and Boeing weighed on the Dow, while Carnival and Norwegian Cruise Line were the biggest laggards in the S&P 500.