Stocks struggled for direction Friday as concerns around regional banks and the U.S. economy dampened investor sentiment.
The Dow Jones Industrial Average ditched 14.2 points to 33,295.31.
The S&P 500 index lost 6.53 points to 4,124.09.
The NASDAQ Composite shed 40.27 points to 12,288.24.
As of Thursday's close, the Dow and the S&P 500 are headed for their second negative week in a row, down 1.08% and 0.14% this week, respectively. However, the NASDAQ is on pace for its third straight positive week, up 0.76%.
Regional banks declined broadly after declining in the previous session. Western Alliance fell 0.1%, while PacWest gained 0.8%. On Thursday, regional banks dropped broadly after PacWest said its deposits fell sharply last week.
A preliminary reading on the University of Michigan's consumer sentiment index showed a decline to 57.7 in May. Economists polled by the Dow Jones are expecting a May reading of 63.0, which would be lower than the level of 63.5 in the previous reading. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008.
Import prices were 0.4% month-over-month in April, marking the first rise so far in 2023. Economists polled by Dow Jones were expecting a 0.3% rise last month, compared to the decline of 0.6% the prior month.
Prices for the 10-year Treasury withered, raising yields to 3.44% from Thursday's 3.38%. Treasury prices and yields move in opposite directions.
Oil prices moved upwards 23 cents to $71.10 U.S. a barrel.
Gold prices sank $3.10 to $2,017.40 U.S. an ounce.