S&P, NASDAQ Rallies Coo

Stock futures fell on Friday, following a fresh record close for the S&P 500.

Futures for the Dow Jones Industrials tumbled 290 points, or 0.7%, to 38,788.

Futures for the S&P 500 dwindled 26 points, or 0.5%, at 5,477.56.

Futures for the NASDAQ Composite faltered 54 points, or 0.3%, to 19,809.75.

Stocks are coming off a winning session that saw the S&P 500 notch its fourth straight record close. The technology-heavy NASDAQ Composite also ended the session at a record.

Hopes for a continued cooling of inflation have boosted equities this week. The S&P 500 and NASDAQ Composite are on pace to end the week higher. The S&P 500 has climbed 1.6%, while the NASDAQ has added 3.1%. The 30-stock Dow is the lone laggard with a 0.4% decline.

Wholesale inflation unexpectedly ticked down by 0.2% last month, while economists polled by Dow Jones expected the gauge to increase by 0.1%. That follows a consumer price index reading that was flat on a monthly basis in May.

In Japan, the Nikkei 225 captured 0.2% Friday, while the Hang Seng in Hong Kong dropped 0.9%.

Oil prices grew 43 cents to $78.05 U.S. a barrel.

Gold prices jumped $30.50 to $2,321.96 U.S. an ounce.