The S&P 500 slid on Friday after a record-setting session, though the benchmark is still on pace for its third consecutive weekly advance.
The Dow Jones Industrials retreated 113.86 points approaching noon EDT Friday at 53,726.13.
The much-broader index dipped 15.12 points to 7,783.87.
The NASDAQ Composite weakened 124.3 points to 26,678.72.
The S&P 500 was headed for its third straight weekly advance, gaining 0.3% in the period. The NASDAQ, however, is on pace for a 0.1% decline, while the Dow is down 0.6% week to date.
The week has been a record-setting one for the S&P 500, with the index on Thursday crossing 7,800 for the first time after hitting an intraday all-time high of 7,816.70. The benchmark also closed at a record in the prior trading day.
Applied Materials was a sore spot in the session, as shares dropped more than 4% in the session.
Because the bulk of earnings season is over, with few key reports remaining such as Nvidia and Broadcom, experts noted there’s no longer a major catalyst, except for those quarterly results and if the Strait of Hormuz were to reopen.
Prices for the 10-year Treasury popped, boosting yields to 4.69% from Thursday’s 4.64%. Treasury prices and yields move in opposite directions.
Oil prices surged 54 cents to $81.79 U.S. a barrel.
Gold prices climbed $19.80 to $4,440.20 U.S. an ounce.
