U.S. stocks closed mixed on Friday, August 15, as investors locked in profits after a strong rally. While the S&P 500 and Nasdaq retreated from record highs, all three major indexes posted a second straight week of gains on hopes the Federal Reserve will cut interest rates next month.
The S&P 500 slipped 0.29% to 6,449.80 after touching an all-time intraday high. The Nasdaq Composite fell 0.40% to 21,622.98, dragged lower by semiconductor shares. In contrast, the Dow Jones Industrial Average added 34.86 points, or 0.08%, to close at 44,946.12, supported by a 12% surge in UnitedHealth stock.
Semiconductor names weighed heavily on the market. Applied Materials plunged 14%, leading a 2% drop in the VanEck Semiconductor ETF, while Nvidia shed nearly 1%.
Investor mood was also dampened by weaker-than-expected consumer confidence. The University of Michigan’s consumer sentiment index fell to 58.6 in August, down from 61.7 in July, as concerns over inflation persisted.
Despite Friday’s decline, Wall Street maintained weekly gains. For the week, the Dow rose 1.74%, the S&P 500 advanced 0.94%, and the Nasdaq climbed 0.81%. Softer consumer inflation data earlier in the week boosted optimism that the Fed could cut rates as soon as September.
Meanwhile, July retail sales figures pointed to steady household spending. Overall sales grew 0.5% from the prior month, in line with expectations, while core retail sales (excluding autos) rose 0.3%, also matching forecasts.
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