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Adobe up after lifting full-year revenue forecast

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US consumer sentiment ebbs in June; inflation worries

linger

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Indexes: Dow down 0.2%, S&P 500 down 0.04%, Nasdaq up 0.1%

(Updates to 4:10 p.m. ET)

By Caroline Valetkevitch

NEW YORK, June 14 (Reuters) -

The Nasdaq eked out a fifth straight record closing high on

Friday following gains in Adobe and other technology-related

shares, while the S&P 500 and Dow ended slightly lower.

The S&P 500 ended its four-day run of record closing

highs, but still climbed more than 1% for the week.

The S&P 500 technology sector rose 0.5%,

hitting another record high close. The communication services

sector rose 0.6%, leading gains among sectors.

Adobe shares jumped 14.5% a day after the

company raised its annual revenue forecast on more demand for

its artificial intelligence-powered software.

"You've had a big rally this week, led by big-cap tech.

Under the surface, we have a lot of areas acting weak," said

Adam Sarhan, chief executive of 50 Park Investments in New York.

The Russell small-cap index fell 1.6%, adding to

recent losses, while the S&P 500 industrials sector

was down 1%.

The Dow Jones Industrial Average fell 57.94

points, or 0.15%, to 38,589.16. The S&P 500 lost 2.14

points, or 0.04%, at 5,431.6 and the Nasdaq Composite

added 21.32 points, or 0.12%, at 17,688.88.

For the week, the Dow was down 0.5%, the S&P 500 rose

1.6% and the Nasdaq was up 3.2%.

Investors are still trying to gauge how soon the Federal

Reserve might be able to cut interest rates.

Fed Bank of Chicago President Austan Goolsbee said he was

relieved after data this week showed inflation in May had

cooled, but he would still like to see "more months" of similar

data before cutting interest rates.

On Wednesday, Fed policymakers dialed back their

projections for three cuts this year to just one.

In a report on Friday, a preliminary reading of the

University of Michigan's Consumer Sentiment Index slipped to

65.6 in June, sharply lower than expectations.

Nvidia ( NVDA ) shares ended up 1.8% after briefly

surpassing Apple ( AAPL ) as the world's second-most valuable

company.

A BofA Global Research report showed U.S. value stock

funds had $2.6 billion of outflows, while investors poured $1.8

billion into U.S. growth stock funds in the week to Wednesday.

Volume on U.S. exchanges was 10.12 billion shares,

compared with the 12.10 billion average for the full session

over the last 20 trading days.

Declining issues outnumbered advancers on the NYSE by a

2.39-to-1 ratio; on Nasdaq, a 2.51-to-1 ratio favored decliners.

The S&P 500 posted 11 new 52-week highs and 16 new lows;

the Nasdaq Composite recorded 30 new highs and 192 new lows.