NEW YORK (AP) โ Stocks faltered in morning trading on Wall Street Friday, but the market is still on track for its sixth winning week in the last seven.
The S&P 500 fell 0.1% and is around the record it set on Thursday. The Dow Jones Industrial Average rose 109 points, or 0.3%, to 39,176 as of 11:16 a.m. ET. The Nasdaq fell 0.4%.
Technology stocks were the most important in the market in a change from the previous day. Nvidia, which surpassed $2 trillion in market value early Thursday, fell 0.7%. A day earlier, it reported high demand for its semiconductors, which are used to power artificial intelligence applications.
Profits continued to be the big focus. Ticket seller and concert promoter Live Nation rose 3.7% after beating analysts' revenue forecasts. Sleep Number, which sells beds and bedding products, rose 32.6% after beating Wall Street revenue forecasts.
On the losing side, Warner Bros. Discovery fell 11.6% after reporting a larger loss than Wall Street expected.
Booking.com fell 9.6%, dragging down other travel-related companies. The online travel service beat Wall Street's sales and profit targets for the fourth quarter but issued a lukewarm forecast that spooked investors. Its competitor Expedia Group fell 2.4%.
Outside of gains, Intuitive Machines, the company that made the first U.S. moon landing in more than 50 years, soared 37.6%.
Treasury yields fell. The 10-year Treasury yield fell to 4.28% from 4.33% late Thursday.
Markets rose mainly in Europe and Asia. Tokyo markets were closed for a holiday, a day after they hit a record high.
Investors have more big earnings to review next week as they try to get a better idea of โโwhere the economy is headed. Home improvement retailer Lowe's and discount retailer Dollar Tree will report results. Computer maker HP and electronics retailer Best Buy will also report results.
Wall Street will also get more economic data that could further clarify how consumers feel and whether inflation is still cooling. Business group The Conference Board will release its February consumer confidence survey and the government will provide another update on gross domestic product during the fourth quarter.
Much focus will be on inflation data from the government's January report on consumption and personal spending. It is the Federal Reserve's preferred measure of inflation and is expected to cool to 2.4%. It peaked at 7.1% in June 2022.
The Federal Reserve has been trying to control inflation back to its 2% target and last week's data on consumer and wholesale prices was more positive than Wall Street expected. That led Wall Street to boost expectations that the central bank would begin cutting its benchmark interest rate. Traders now expect the Federal Reserve to cut rates in June instead of March.
