Stocks edged lower on Wall Street Friday as the first week of corporate earnings season ended with major indexes trading near record levels.

The S&P 500 fell 4.46 points, or 0.1%, to 6,940.01. It was sitting just below its record, which was set on Monday. The Dow Jones Industrial Average fell 83.11 points, or 0.2%, to 49,359.33, and the Nasdaq composite fell 14.63 points, or 0.1%, to 23,515.39, with each index notching weekly losses.

Smaller company stocks held up better. The Russell 2000 eked out a 0.1% gain and also notched a 2% gain for the week.

Technology stocks were the strongest forces behind the market’s moves throughout most of the day, with big technology companies posting gains that helped offset losses elsewhere. Broadcom rose 2.5% and Micron Technology rose 7.8%. The semiconductor companies were among several Big Tech names with outsized valuations that often push the market higher or lower.

In banking, a handful of regional U.S. banks reported their earnings following mixed reports from their larger peers. Pittsburgh’s PNC jumped 3.8% after it beat Wall Street’s fourth-quarter targets, but Regions Financial fell 2.6% after reporting results that missed forecasts. Outside of banking, transport company J.B. Hunt Transport Services fell 1% after reporting mixed quarterly financial results.

Investors said the broader round of earnings updates could help provide more clarity on how consumers are spending and how businesses are operating amid economic concerns tied to inflation and tariffs. Results from the technology sector were also being scrutinized by investors trying to gauge whether high stock prices fueled by the AI craze are justified.

“Despite the strong start to 2026, we would not be surprised if markets experience volatility in the coming weeks as fourth quarter earnings progress and the threat of escalating geopolitical tensions remains,” wrote Doug Beath, global equity strategist at Wells Fargo Investment Institute, in a note to investors.

Wall Street is set for a broader mix of earnings to review next week, including from airlines, industrial companies and technology. United Airlines, 3M and Intel were scheduled to release their quarterly earnings results next week.

Energy and other assets moved alongside the stock market. Crude oil prices rose after dropping sharply on Thursday, with U.S. crude up 0.4% to $59.44 and Brent crude up 0.6% to $64.13. Gold prices fell 0.6%, though they remained up more than 5% so far in January.

In the bond market, Treasury yields moved higher. The 10-year Treasury yield rose to 4.23% from 4.17% late Thursday, while the two-year yield rose to 3.60% from 3.57% late Thursday. The Fed’s next policy meeting on interest rates is in two weeks, and Wall Street was betting it would maintain the current benchmark interest rate while balancing a slowing jobs market with stubbornly high inflation. Updates this week showed prices remained above the Fed’s 2% goal, and the government’s personal consumption expenditures price index, or PCE, was due next week; it is the Fed’s preferred inflation measure.

European markets fell while markets in Asia were mixed. Taiwan’s benchmark index rose 1.9% after its government signed a trade deal with the U.S., which China protested as part of its claim that the self-governed island is its territory. The broader move came amid an ongoing trade war between the U.S. and much of the world, where uncertainty over tariffs has raised concerns about inflation and economic damage from higher costs for businesses and consumers.

Canada was the latest to shift partnerships, agreeing to cut its 100% tariff on Chinese electric cars in return for lower tariffs on Canadian farm products as part of a break with the U.S. In related trading, Tesla fell 0.2% and Rivian fell 2.3%.