Stocks were lower on Friday as investors weighed weaker-than-expected retail sales data, as well as a strong start to a crucial earning season. The Dow Jones Industrial Average fell over 140 points in afternoon trading, while the S&P 500 and Nasdaq Composite lost roughly 0.2% and 0.4%, respectively.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Despite the down day, the Dow posted its fourth consecutive positive week and the S&P 500 and Nasdaq recorded their fourth positive week in five.
Taking the spotlight on Friday, advanced U.S. retail sales data signaled that consumer spending slowed last month as Americans grew concerned over a potential recession amid the banking sector turmoil in March. The month's sales declined by 1%, marking the weakest month-to-month reading since November.
Still, strong first-quarter earnings from JPMorgan Chase
"The U.S. economy continues to be on generally healthy footings -- consumers are still spending and have strong balance sheets, and businesses are in good shape," said CEO Jamie Dimon in the company's earnings release. "However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.
In other bank stock earnings, Citigroup
Elsewhere, BlackRock's
Dow-component UnitedHealth
Friday also saw the release of April's preliminary consumer sentiment reading from the University of Michigan, which rose to 63.5 from March's print of 62. Beneath the headline, consumer expectations for price increase over the next year rose to 4.6% from 3.6% in March.
"These expectations have been seesawing for four consecutive months, alternating between increases and decreases," said Joanne Hsu, director for the Survey of Consumers, in a statement. "Uncertainty over short-run inflation expectations continues to be notably elevated, indicating that the recent volatility in expected year-ahead inflation is likely to continue."
In single-stock news, Boeing
The first-quarter earnings season will be underway next week, with reports from Charles Schwab