S&P 500 and Nasdaq fall Friday to snap six-day win streak, but both notch weekly gains: Live updates

The S&P 500 closed slightly lower Friday, but clinched weekly gains as the latest economic data added to a positive picture of the economy.

The broad market index inched down by 0.07%, while the Dow Jones Industrial Average added 60.30 points, or 0.16%. The Nasdaq Composite slipped 0.36%, hurt by a post-earnings slide in Intel.

Despite Friday’s muted moves, the major averages recorded a winning week. The S&P 500 advanced 1%, while the technology-heavy Nasdaq Composite climbed 0.9%. The blue-chip Dow has gained 0.7%.

Both the S&P 500 and Nasdaq have climbed for the past six sessions, but ended those winning runs on Friday. Through Thursday, the benchmark S&P 500 has closed at a record high for five straight trading days, the longest streak of its kind since November 2021.

Stocks got a boost this week from encouraging economic data. More positive numbers came Friday.

December’s core personal consumption expenditures price index came in line with economists’ forecasts month over month, but was slightly lower than anticipated on an annualized basis, data released Friday shows. It’s a preferred gauge of inflation for the Federal Reserve, which sets monetary policy.

Friday’s PCE print came a day after gross domestic product data revealed higher-than-expected economic growth in the fourth quarter. That bolstered investors’ hopes that the economy has avoided a deep recession.

“All the economic data — both the GDP and PCE — was good this week,” said Rhys Williams, chief strategist at Spouting Rock Asset Management. “That was comforting to everybody. And I think it does show we’re still in this potential ‘Goldilocks’ landing, where the economy softens a bit but is still positive.”

But sell-offs among some well-known stocks on the back of earnings reports restricted gains this week.

Chipmaker Intel tumbled nearly 12% on Friday after offering a disappointing fiscal first-quarter outlook. Semiconductor stock KLA slid more nearly 6% in the session after the company posted light guidance for its fiscal third quarter.

On the other hand, American Express rallied more than 7% after sharing a better-than-expected forecast for full-year earnings. That helped the 30-stock Dow mitigate losses from Intel’s drop.

Elsewhere, Tesla, a retail investor darling, registered worst week since October. Shares took a leg down after the electric vehicle maker posted disappointing earnings and warned of trouble in 2024.