U.S. equities closed mostly lower on Friday as investors digested disappointing economic data, following a record-setting day on Thursday.
Retail sales for July came in unchanged, with economists expecting a 0.4 percent increase. Meanwhile, the July reading of the producer price index showed a decline of 0.4 percent, as economists forecast a 0.1 percent gain.
Excluding Thursday, U.S. stocks have traded in a very narrow range this week, with volatility hovering around multi-year lows. The CBOE Volatility index (VIX), widely considered the best gauge of fear in the market, traded about 1.4 percent lower, near 11.5. In afternoon trade Friday, Schwab’s Frederick said there were four calls on on the Vix for every put in the options market, which indicates investors think the index “can’t go much lower.”
Earlier on Friday, the S&P and the Nasdaq briefly traded in positive territory.
TheDow Jones industrial averagefell 37.05 points, or 0.2 percent, to close at 18,576.47, with DuPont leading decliners and ExxonMobil the top advancer.
TheS&P 500 closed 1.74 points lower, or 0.08 percent, at 2,184.05, with materials leading seven sectors lower and energy the biggest riser.
TheNasdaq rose 4.5 points, or 0.09 percent, to end at 5,232.89.