04:57 PM EDT, 06/14/2024 (MT Newswires) -- The Nasdaq Composite closed at a record high for a fifth straight session Friday, while the Dow Jones Industrial Average fell as markets evaluated a closely monitored survey of consumer sentiment.

The technology-heavy Nasdaq rose 0.1% to 17,688.9, while the Dow slid 0.2% to 38,589.2. The S&P 500 was little changed at 5,431.6. Industrials and materials saw the steepest declines among sectors, while communication services and technology led the gainers.

For the week, the Nasdaq jumped 3.3%, while the S&P 500 gained 1.6%. The Dow lost 0.5%.

In economic news, preliminary results from the University of Michigan's Surveys of Consumers showed that US consumer sentiment has dropped to 65.6 this month from 69.1 in May. The consensus was for an increase to 72 in a survey compiled by Bloomberg.

"Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes," Surveys of Consumers Director Joanne Hsu said.

Year-ahead inflation expectations held steady at 3.3% this month, while the five-year price growth outlook rose to 3.1% from 3% in May, according to the survey. Wall Street was looking for 3.2% and 3%, respectively.

"The strength of the labor market limits the downside for consumer confidence, but inflation fatigue limits the upside," Jefferies said in a note to clients. "We do not see any evidence that there is enough weakness in any labor market data to suggest that consumers are going to alter their consumption behavior due to concern about maintaining employment."

Data from the Bureau of Labor Statistics showed earlier this week that US consumer inflation cooled more than anticipated last month, while producer prices unexpectedly returned to contraction territory.

The US 10-year yield fell 1.9 basis points to 4.22% Friday, while the two-year rate added 1.9 basis points to 4.71%.

US home sales in May slumped to one of the lowest levels on record as prices reached an all-time high and demand continued to outpace supply, a Redfin (RDFN) report showed.

West Texas Intermediate crude oil fell 0.3% to $78.39 per barrel.

In company news, On Semiconductor (ON) shares dropped 4.1%, the steepest decline on the Nasdaq. The company said late Thursday it intends to consolidate nine sites and reduce its global workforce by about 1,000 employees.

The US Federal Aviation Administration and Spirit AeroSystems ( SPR ) are investigating fake documents certifying the authenticity of titanium that may have been used in some Boeing ( BA ) and Airbus airplanes. Boeing ( BA ) shares declined 1.9%, the worst performer on the Dow.

Adobe (ADBE) was the top gainer on the S&P 500 and the Nasdaq, up nearly 15%. The software maker late Thursday raised its full-year earnings outlook, as customers drawn in by its artificial intelligence offerings drove fiscal second-quarter results above market estimates.

Gold rose 1.3% to $2,347.30 per troy ounce, while silver advanced 1.9% to $29.62 per ounce.