Investing.com -- U.S. stocks retreated on Friday from record-highs on Friday in quiet trade, as a bevy of dismal economic data increased the prospects for a delayed interest rate hike from the Federal Reserve, weighing on beaten down bank stocks.
The Dow Jones Industrial Average fell 37.05 or 0.20% to 18,576.47, while the S&P Composite index lost 1.74 or 0.08% to 2,184.05, both bouncing off session-lows at the close of trading. The NASDAQ Composite index, meanwhile, edged up 4.50 or 0.09% to 5,232.90, ending the session at a record closing-high for the second straight day. Driven by a determined rally among tech stocks, the NASDAQ closed higher for a seventh consecutive week – its longest streak of sustained weekly gains since 2012. Both the Dow and the S&P 500 also closed slightly higher on the week.
On the S&P 500, six of 10 sectors closed in the red as stocks in the Basic Materials, Industrials and Telecom industries lagged, each falling by more than 0.3%. Stocks in the Energy and Consumer Services sectors led. It came one day after all three major indices ended Thursday's session at all-time record closing highs, an occurrence which last transpired in December, 1999.
On Friday morning, the U.S. Bureau of the Census said retail sales were unchanged in July on a monthly basis, falling sharply below expectations for a 0.4% gain. At the same time, producer prices also moved lower on the month, while the University of Michigan said consumer sentiment has been flat for the first two weeks of August, amid considerable declines in the Current Conditions component.
With participants on the Federal Open Market Committee (FOMC) largely split on the timing of its next interest rate hike, Friday's data could appease dovish arguments for holding rates steady for the remainder of the year. As a result, the KBE SPDR S&P Bank ETF inched down on Friday extending considerable losses over the last month. Since late-July, the bank sector exchange traded fund has fallen 5%, due primarily to a flattening yield curve and modest loan growth.
The top performer on the Dow was Exxon Mobil Corporation (NYSE:XOM), which rose 1.13 or 1.30% to 87.85. Both ExxonMobil and Chevron Corporation (NYSE:CVX) received a boost on Friday, after U.S. crude futures gained 2% for the day to remain near three-week highs. In Friday's session, energy traders continued to cover short positions one day after Saudi Arabia's energy minister said the kingdom could be open to discussing ways to stabilize persistently low oil prices at a conference in Algeria next month. The worst performer was EI du Pont de Nemours and Company (NYSE:DD), which fell 1.33 or 1.94% to 67.66.
The biggest gainer on the NASDAQ was Jd.Com Inc Adr (NASDAQ:JD), which added 1.36 or 5.84% to 24.65. The Chinese e-Commerce site finished just ahead of NVDA, which rose by 3.34 or 5.59% to 63.03. After soaring more than 130% over the last six months, Nvidia hit all-time highs on Friday. Shares in the Silicon Valley tech company, have surged in recent months as semiconductors continue to rally from a dry spell at the start of the year. The worst performer was Henry Schein Inc (NASDAQ:HSIC), which fell 2.00 or 1.19% to 165.46.
On the New York Stock Exchange, declining issues outnumbered advancing ones by a 1,527-1,413 margin.