04:41 PM EDT, 05/31/2024 (MT Newswires) -- The Standard & Poor's 500 index recorded its first weekly decline since mid-April but still ended May with a solid monthly gain.

The market benchmark ended Friday's session at 5,277.51, down 0.5% from a week earlier. The week consisted of just four sessions as the US stock market was closed on Monday for Memorial Day.

Despite the weekly drop, the S&P 500 concluded May with a 4.8% monthly increase, wiping out its 4.2% April decline. The index is now up nearly 11% for the year-to-date.

This week's economic data showed US consumer spending weakened more than expected in April as outlays on goods fell into contraction territory. However, the annual headline personal consumption expenditures price index and the Federal Reserve's preferred core measure, which excludes food and energy, remained unchanged at 2.7% and 2.8%, respectively and were in line with Wall Street's forecast.

Five of the 11 sectors in the S&P 500 fell on a weekly basis, led by a 1.5% drop in technology and a 0.8% decline in industrials. Other decliners included communication services, health care and consumer discretionary.

In the technology sector, shares of Salesforce ( CRM ) , which tumbled 14% on the week. The company's fiscal Q1 adjusted earnings per share topped expectations but revenue fell short of Wall Street estimates. Also, Salesforce ( CRM ) forecast the current quarter's results below analysts' mean estimates at the time the guidance was released.

The industrial sector's decliners included shares of American Airlines Group ( AAL ) , which shed 17% as the airline operator cut its guidance for Q2 adjusted earnings.

On the upside, the energy sector rose 2%, real estate added 1.8% and utilities climbed 1.6%. Consumer staples, materials and financials also eked out small gains.

The energy sector's gainers included shares of Marathon Oil ( MRO ) amid an agreement for the company to be acquired by ConocoPhillips ( COP ) in an all-stock deal with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt. Shares of Marathon Oil ( MRO ) jumped 13% on the week while shares of ConocoPhillips ( COP ) edged down 0.7%.

Next week, the market will kick off June with readings on May manufacturing and auto sales, but investors will be most focused on the May employment data expected later in the week.