US stocks closed mixed on Friday as investors digested economic data, corporate news, and geopolitical developments. The S&P 500 slipped 0.3% after briefly hitting a record high, while the Nasdaq fell 0.4% amid weakness in chipmakers, with Applied Materials tumbling 14% on a downbeat forecast and Nvidia losing 0.9%. The Dow finished 35 points higher after touching records higher earlier in the session, lifted by a 12% surge in UnitedHealth after Berkshire Hathaway disclosed a major stake. Retail sales in July rose 0.5%, meeting expectations, but the University of Michigan’s consumer sentiment index dropped to 58.6 from 61.7 as inflation concerns grew. Markets were also cautious ahead of President Trump’s meeting with President Putin, while his plan for new tariffs on steel and semiconductors added to trade uncertainty. The S&P 500 and Nasdaq gained 0.9% and 0.8% on the week, while the Dow outperformed, rising 1.7%.
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