04:32 PM EDT, 03/22/2024 (MT Newswires) -- The Nasdaq Composite extended its record-high closing run Friday, while the Dow Jones Industrial Average and the S&P 500 retreated from their respective all-time high levels.

The technology-heavy Nasdaq rose 0.2% to 16,428.8, surpassing its previous record closing level set Thursday. The Dow fell 0.8% to 39,475.9, while the S&P 500 lost 0.1% to 5,234.2, following record closes in the previous session. Real estate led sector decliners. Only communication services, technology, and utilities closed higher.

For the week, the Dow rose nearly 2%, while the S&P 500 advanced 2.3%. The Nasdaq jumped 2.9%.

The Federal Reserve likely remains on track to start lowering its benchmark lending rate at some point this year, though a steep rise in inflation could prompt it to shelve the idea of rate cuts and even consider further policy tightening, Stifel said in a note.

On Wednesday, the central bank's Federal Open Market Committee held interest rates steady at 5.25% to 5.50% -- its fifth straight pause -- and maintained its expectations for three rate cuts this year.

"Policymakers aren't ignoring recent inflation data but aren't panicking and still expect to cut rates three times in 2024, which is our forecast," Oxford Economics said. US inflation data for January and February largely came in hotter than expected.

The US 10-year yield slipped 6.1 basis points to 4.21% Friday, while the two-year rate fell 3.4 basis points to 4.6%.

In company news, Lululemon Athletica ( LULU ) shares tumbled 16%, the steepest decline on the S&P 500 and the Nasdaq. Late Thursday, the athletic apparel maker issued a downbeat fiscal first-quarter financial outlook.

Nike ( NKE ) was the worst performer on the Dow Friday and among the steepest decliners on the S&P 500, down 6.9%. The athletic footwear and apparel maker late Thursday set expectations for its revenue to drop in the first half of fiscal 2025, as it continues its cost savings initiatives.

FedEx ( FDX ) shares jumped 7.4%, the top gainer on the S&P 500. Late Thursday, the delivery company's fiscal Q3 earnings exceeded Wall Street's estimates even as demand headwinds persisted. The firm narrowed its full-year profitability outlook.

West Texas Intermediate crude oil fell 0.3% to $80.82 per barrel Friday.

Gold declined 0.9% to $2,165.20 per troy ounce, while silver lost 0.7% to $24.83 per ounce.