S&P Flat After Thursday Record High

The S&P 500 scaled to an all-time high Friday before easing from those levels, as traders pored through the latest earnings reports and new U.S. economic data.

The Dow Jones Industrials stumbled 238.57 points to pause for lunch at 44,245.92. A 3% post-earnings slide in American Express dragged the 30-stock average lower.

The much-broader index slid 7.51 points to 6,289.88.

The NASDAQ Composite capsized 18.72 points to 20,865.93.

Data released Friday reflected a drop in consumers’ fears about tariff-induced inflation down to their lowest levels since February. The University of Michigan’s Survey of Consumers for July reflected overall consumer sentiment rose 1.8% from June to 61.8, coming out exactly in line with the estimate and at the highest level since February.

Major U.S. stock indexes are heading towards a winning week, lifted by data releases pointing to a strong U.S. economy and a slew of better-than-expected corporate earnings results. The S&P 500 is up 0.8% this week, while the NASDAQ has moved up 1.8%, and Dow has advanced 0.2%.

About 60 S&P 500 companies have posted second-quarter results thus far. Of those, 86% have beaten analyst expectations. On Thursday, PepsiCo and United Airlines shares both popped after the respective companies beat analyst estimates on earnings.

Those follow solid results from big banks like JPMorgan and Goldman Sachs earlier in the week.

Shares of Netflix slid 4%, despite posting an earnings beat on Thursday. Shares of 3M were also down slightly even after the company exceeded analysts’ estimates on top and bottom lines.

Prices for the 10-year treasury climbed, pushing yields down to 4.42% from Thursday’s 4.46%. Treasury prices and yields move in opposite directions.

Oil prices lost five cents to $67.49 U.S. a barrel.

Gold prices advanced $13.70 to $3,359 U.S. an ounce.