The Nasdaq Composite rose to a new record close on Friday as growth stocks rose at the end of a busy week on Wall Street. The tech-heavy index rose 0.12% to settle at 17,668.88. Meanwhile, the broader market S&P 500 Index dipped below the flatline and the Dow Jones Industrial Average lost over 50 points.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): -0.04% or -2.14 points to 5,431.60

Dow Jones Industrial Average (DIA  ): -0.15% or -57.94 points to 38,589.16

Nasdaq Composite Index (QQQ  ): +0.12% or +21.32 points to 17,688.88

For the Week:

Both the S&P 500 and Nasdaq notched record highs in the past five days as investors reacted to cooler-than-expected inflation readings for May as well as the Federal Reserve's latest monetary policy decision coming mostly in-line with expectations. The S&P 500 and Nasdaq rose about 1.7% and 3.5%, respectively, for the week.

Meanwhile, the Dow lagged behind the broader market as declines in Caterpillar (CAT  ) and Boeing (BA  ) weighed on the index. The 30-stock composite dipped 0.5% for the week.

In Economic News:

Consumer Sentiment declined in the first half of June, according to the University of Michigan's Survey of Consumers released Friday, as near-team inflation outlooks grew to their highest level since November 2023.

The survey's preliminary headline monthly reading came in at 65.6, down from May's final print of 69.1 and below estimates. Meanwhile, the current conditions index slipped lower to 62.5 from 69.6, with the one-year inflation outlook remained at 3.3% and the five-year forecast ticked higher to 3.1%.

"Assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes. Overall, consumers perceive few changes in the economy from May," Joanne Hsu, director of the Surveys of Consumers, in a statement. "Long-run inflation expectations have been remarkably stable over the last three years but remain elevated relative to the 2.2-2.6% range seen in the two years pre-pandemic."

On the Earnings Front:

Adobe (ADBE  ) shares rallied higher on Friday after the software marker's second-quarter earnings topped Wall Street expectations, with its record revenue being driven by strong growth in its Creative Cloud, Document Cloud and Experience Cloud divisions as well as AI advancements.

"Our highly differentiated approach to AI and innovative product delivery are attracting an expanding universe of customers and providing more value to existing users," CEO Shantanu Narayen said in a statement released Thursday.

Looking Ahead:

Investors are in for a week of more Fedspeak as well as data on U.S. retail sales, home builder confidence, housing starts, building permits and existing home sales for May, alongside June's S&P flash U.S. services and manufacturing PMI readings due out throughout the week. Markets will be closed on Wednesday in observance of the Juneteenth Day holiday in the United States.