The Nasdaq Composite Index closed Friday at its fourth high of the year, a day after all three major US stock indexes notched records on the same day for the first time since 1999.
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Oil prices rose almost 2 percent as the dollar slipped following the release of the economic data.
The market declines came after a new spate of data showing that retail sales were weaker than expected and producer prices saw a sharp decline last month.
The Dow Jones industrial average fell 13 points, or 0.1 percent, to 18,599 as of 10:15 a.m. Japan’s Nikkei 225 Index surged up by 1.1 percent, while Hong Kong’s Hang Seng Index advanced by 0.8 percent.
The Nasdaq added 4.50 points, or 0.1 percent, to 5,232.89.
The Dow industrials slipped 37.05 points, or 0.2%, to 18576.47, for a weekly gain of 0.2%. The Dow and S&P 500 eased from record highs yesterday as tepid data dampened investor confidence in the economy’s expansion, while the Nasdaq inched up to a second straight record high close.
Macy’s shares soared 11 percent after the department store operator reported a smaller-than-expected drop in quarterly comparable store sales and said it would close 100 stores.
So far this year, the S&P 500, Dow Jones, and the Nasdaq Composite are up 6.9%, 6.8% and 4.4% respectively.
Treasury yields were down by as much as 6 basis points as investors priced out a September rate hike. It gained $1.99, or 4.3 percent, to close at $46.04 in London. Selling pressure on equities was mitigated, however, by the likelihood that today’s economic data coupled with a contraction in wholesale prices will delay another rate hike by the Federal Reserve until as late as 2017, as well as by gains in the oil and materials sector. The declines pulled both indexes slightly below their most-recent all-time highs set Thursday.
J.C. Penney Co. gained after the retailer reported a second-quarter losses that was narrower than expected. Silicon Graphics added $1.71 to $7.69. Brent crude, used to price worldwide oils, added 93 cents, or 2 percent, to close at $46.97 a barrel in London. In other energy trading, wholesale gasoline added a penny to $1.37 a gallon, while heating oil rose 2 cents to $1.41 a gallon.
Excluding a jump in auto sales, retail sales fell by 0.3 percent in July after advancing by an upwardly revised 0.9 percent in June.
Elsewhere, the Stoxx Europe 600 fell 0.2% Friday but notched a weekly gain of 1.4%.
Stocks are seeing modest weakness in early trading on Friday after moving mostly higher over the course of the previous session.
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CURRENCIES: The dollar strengthened to 101.97 yen from 101.86 on Thursday.
