04:53 PM EDT, 09/27/2024 (MT Newswires) -- The Dow Jones Industrial Average closed at a record high Friday while the S&P 500 fell as markets evaluated the latest economic data, including the Federal Reserve's preferred inflation measure.

The Dow rose 0.3% to 42,313, while the S&P 500 dropped 0.1% to 5,738.2, retreating from Thursday's all-time high. The Nasdaq Composite fell 0.4% to 18,119.6. Among sectors, technology saw the steepest decline, while energy led the gainers.

For the week, the Nasdaq advanced almost 1%, while the Dow and the S&P 500 gained 0.6% each.

In economic news, US consumer spending eased more than expected in August, government data showed. The Fed's preferred inflation metric rose year over year, but met Wall Street's estimates.

The Fed's preferred core measure -- which excludes the volatile food and energy components -- increased 2.7% annually last month, compared with 2.6% in July. Sequentially, the core measure fell to 0.1% from 0.2%.

"The Fed's preferred core measure continues to head in the right direction, even though base effects are boosting the yearly pace," TD Economics said in a report. "Given that inflation continues to remain contained, the Fed will be paying even keener attention to labor market developments, with September payrolls data released next Friday as they calibrate further policy action."

US consumer sentiment rose in September, while year-ahead inflation expectations edged lower, according to final results from the University of Michigan's Surveys of Consumers.

The US two-year yield fell 6.6 basis points to 3.56% Friday, while the 10-year rate lost 3.7 basis points to 3.75%.

Last week, the central bank's Federal Open Market Committee lowered interest rates by 50 basis points versus a Bloomberg-compiled consensus indicating a 25-basis-point cut.

"With the Fed signaling a willingness to do whatever it takes to support the labor market and by extension the economy, investors are questioning whether or not a soft landing is on the horizon and if further sizable cuts are on the way," Stifel said in a Friday note to clients. "The wide-ranging perspectives of Fed officials this week indicates there is a clear lack of consensus among them."

West Texas Intermediate crude oil rose 1.3% to $68.57 a barrel Friday.

In company news, HP (HPQ) shares declined 3.9%, among the worst performers on the S&P 500, as BofA Securities downgraded the stock to neutral from buy.

Wynn Resorts ( WYNN ) was the top gainer on the S&P 500, up 7.2%, as Morgan Stanley upgraded the stock to overweight from equal-weight and adjusted its price target to $104 from $97.

Tesla (TSLA) is expected to report third-quarter vehicle deliveries above the Street's estimates amid strength in its key China market, along with price and demand stabilization, Wedbush Securities said in a client note. The electric vehicle maker's shares closed 2.5% higher.

Gold dropped 0.7% to $2,674.90 per troy ounce, while silver lost 1.3% to $31.94 per ounce.