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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

(Updates to 4 p.m. ET)

By Caroline Valetkevitch

NEW YORK, June 14 (Reuters) -

The S&P 500 edged lower on Friday, ending a four-day run of

record closing highs, but gains in Adobe and other technology

shares limited the decline.

The S&P 500 technology sector rose, with Adobe

shares jumping after the company raised its annual

revenue forecast on more demand for its artificial

intelligence-powered software.

Investors were also digesting economic data to gauge how

soon the Federal Reserve might be able to cut interest rates.

A preliminary reading of the University of Michigan's

Consumer Sentiment Index slipped to 65.6 in June, sharply lower

than expectations.

On Wednesday, Fed policymakers dialed back their

projections for three cuts this year to just one.

"The main situation here is we've got an extended market,"

said Adam Sarhan, chief executive of 50 Park Investments in New

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

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

According to preliminary data, the S&P 500 lost 1.48

points, or 0.03%, to end at 5,432.26 points, while the Nasdaq

Composite gained 24.20 points, or 0.14%, to 17,688.88.

The Dow Jones Industrial Average fell 57.50 points, or

0.14%, to 38,591.49.

The Russell small-cap index fell.

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.

Nvidia ( NVDA ) shares also were higher.

(Additional reporting by Lisa Mattackal and Johann M Cherian in

Bengaluru; Editing by Maju Samuel and Richard Chang)