Wall Street closed its third winning week in the last four with a quiet finish on Friday. The S&P 500 edged down by a whisper, less than 0.1%, after setting its all-time high the day before. The Dow Jones Industrial Average fell 142 points, or 0.3%, and the Nasdaq composite edged up by less than 0.1% to add its own record.

Markets got back to treading water this week, as inflation and tariff concerns have some analysts pushing the next interest rate cut to December.

Consumers' inflation expectations, by some measures, are also the highest in decades. Inflation has been above the Fed's 2% target for over four years, and the prospect of a dovish Fed under the stewardship of a new Trump-friendly Chair could keep it that way.

This past April, when President Donald Trump started flirting with the notion of firing Fed Chair Jerome Powell, stocks and the dollar tumbled because investors worried that even talking about such a move crossed a red line.

Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to boost a job market that looks to be weakening.

A healthy crop of earnings helped European stocks bust out of a four-day losing streak on Thursday, Wall Street was watching Netflix and the dollar bounced after U.S. President Donald Trump quashed talk he was about to fire Fed head Jerome Powell.

U.S. stock indexes are ticking higher on Wednesday following a better-than-expected update on inflation across the country.

Wall Street watches the major averages whipsaw on Wednesday, following a softer-than-anticipated wholesale inflation report and news that President Trump indicated that he will fire Fed Chairman Jerome Powell.

The Nasdaq rose to a record high on Thursday, leading a cautious climb across Wall Street's major indexes, as strong economic data lifted spirits and airline stocks took off on United Airlines' results.