Stock market today: Wall Street drifts as Nvidia loses some more momentum

NEW YORK — U.S. stocks drifted to a quiet close of the week, as Nvidia’s stock continued to cool from its startling, supernova run. The S&P 500 slipped 0.2% Friday, though it’s still near the all-time high it set on Tuesday. The Dow Jones Industrial Average edged up less than 0.1%, and the Nasdaq composite slipped 0.2%. Nvidia dragged on the market again with a loss of 3.2% and marked its first losing week in the last nine.

But nothing goes up forever, and Nvidia’s drops the last two days have put its stock on track for its first losing week in the last nine.Sarepta Therapeutics jumped 32.3% after U.S. regulators approved the use of its medicine for children with Duchenne muscular dystrophy who are at least 4. Shares of Trump Media & Technology Group slumped 6% to bring its loss for the week to 32.2%. The company behind Donald Trump's Truth Social platform has seen its stock roughly halve since the conviction of the former president in late May on charges in a scheme to illegally influence the 2016 election through a hush money payment to a porn actor who said the two had sex.

The weak business-activity reports dragged down yields in Europe, which at first pressured Treasury yields. But U.S. yields recovered much of those losses after a separate, later report said U.S. business activity may be stronger than thought. The Federal Reserve is in a precarious spot, where it's trying to slow the economy through high interest rates by just enough to get high inflation back down to 2%. The trick is that it wants to cut interest rates at the exact right time. If it waits too long, the economy's slowdown could careen into a recession. If it's too early, inflation could reaccelerate.

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