04:54 PM EST, 01/24/2025 (MT Newswires) -- US benchmark equity indexes closed lower Friday as markets assessed the latest economic data, including a survey showing a drop in consumer sentiment and an increase in inflation expectations.

The Nasdaq Composite fell 0.5% to 19,954.3, while the Dow Jones Industrial Average and the S&P 500 lost 0.3% each to 44,424.3 and 6,101.2, respectively. The S&P 500 had closed at a record high Thursday. Among sectors, technology saw the biggest drop Friday, while communication services and utilities led the gainers.

For the week, the Dow rose 2.2%, while the S&P 500 and the Nasdaq added 1.7% each.

In economic news, US consumer sentiment declined for the first time in six months as one- and five-year inflation expectations increased, a survey by the University of Michigan showed Friday.

"Currently, it seems that respondents identifying as Democrats are expecting extraordinarily high inflation from (President Donald) Trump's policy proposals, while those identifying as Republicans are in wait-and-see mode, both due to uncertainty about tariffs," Jefferies said in a note.

Trump took office Monday, marking his return to the White House.

US private-sector output growth eased in January amid a slowdown in the services sector, S&P Global ( SPGI ) said. Year-ahead expectations remained high on optimism around the Trump administration's policies, according to the report.

"Higher input cost and selling price inflation was broad-based across goods and services and, if sustained, could add to worries that a combination of robust economic growth, a strong job market, and higher inflation could encourage a more hawkish policy approach from the (Federal Reserve)," S&P Global Market Intelligence Chief Business Economist Chris Williamson said.

Existing home sales in the US rose more than expected in December, logging the biggest year-over-year increase since June 2021, the National Association of Realtors reported.

"We expect sales in 2025 to hover around the late-2024 pace, but see some risk to the upside if mortgage rates decline as we expect," Oxford Economics said.

The US two-year yield fell 2.2 basis points to 4.26% Friday, while the 10-year rate lost two basis points to 4.62%.

In company news, Texas Instruments ( TXN ) shares slid 7.5%, the worst performer on the S&P 500 and the Nasdaq, after the company issued a downbeat first-quarter earnings outlook late Thursday.

Microchip Technology ( MCHP ) was the second-worst performer on the Nasdaq and among the worst on the S&P 500 Friday, down 5.3%, as B. Riley adjusted its price target on the stock to $85 from $93.

NextEra Energy (NEE) shares jumped 5.2%, the top gainer on the S&P 500. The company reaffirmed its 2025 adjusted per-share earnings outlook after logging higher fourth-quarter bottom-line results year over year.

Novo Nordisk ( NVO ) said its investigative weight loss drug, amycretin, led to a body weight reduction of up to 22% in an early-stage trial. The Danish pharmaceutical giant's US-listed shares surged 8.5%.

West Texas Intermediate crude oil ticked 0.1% lower to $74.56 a barrel Friday.

Gold gained 0.4% to $2,777.30 per troy ounce, while silver added 0.7% to $31.07 per ounce.