US shares finish the week combined; Russell 2000 closes at a report

US stocks finished mostly lower on Friday, taking some of the shine off a week that saw both the S&P 500 and Russell 2000 trade at record levels. The exception today was the small-cap Russell 2000, which bucked the broader weakness and closed at a new record high.

The S&P 500 reached a fresh all-time high during the week and closed at a record on Thursday, but buyers could not keep the momentum going into the weekend. Friday’s softer retail sales and consumer sentiment data contributed to a more cautious tone, while higher oil prices and geopolitical concerns also weighed on risk appetite.

At the closing bell, the major indices finished:

• Dow industrial average: 53,737.38, -108.01 points or -0.20%

• S&P 500: 7,785.75, -13.23 points or -0.17%

• Nasdaq Composite: 26,729.16, -73.86 points or -0.28%

• Russell 2000: 3,068.42, +0.51%, closing at a new record high

• Nasdaq 100: 30,046.14, -38.36 points or -0.13%

Despite Friday’s modest pullback, most of the major indices still managed to finish higher for the week:

• Dow: -0.56%

• S&P 500: +0.36%

• Nasdaq Composite: +0.14%

• Russell 2000: +1.11%

• Nasdaq 100: +1.09%

The weekly numbers show an interesting shift beneath the surface. The S&P and Nasdaq posted relatively modest gains, while the Russell 2000 and Nasdaq 100 both advanced more than 1%. For small caps in particular, the new record close is a notable sign of broader participation beyond the largest companies.

It was also a big week for a number of individual stocks, particularly names tied to AI infrastructure, data centers, memory and storage. That theme helped provide some of the week’s biggest winners.

Some of the week’s biggest gainers included:

• Nebius: +47.73%

• SanDisk: +35.40%

• Super Micro Computer: +27.98%

• Western Digital: +17.15%

• Micron: +10.85%

• Datadog: +9.20%

• Dell Technologies: +8.16%

• Vertiv: +7.88%

• GE Vernova: +7.36%

• Chevron: +7.21%

• Moderna: +7.00%

• Lam Research: +6.77%

• Defiance Drone and Modern Warfare ETF: +6.41%

• SLB: +6.41%

• AMD: +6.38%

• Intuit: +6.28%

• General Mills: +6.26%

Nebius led the way after its earnings report highlighted another surge in AI-cloud demand, while SanDisk’s Investor Day and aggressive longer-term financial targets helped send that stock sharply higher. Super Micro was another major beneficiary of enthusiasm surrounding AI infrastructure.

The week was certainly not positive for everyone. While AI infrastructure, memory and small caps produced some impressive gains, there were also some sizable individual-stock declines.

Some of the week’s biggest losers included:

• Tapestry: -20.56%
• On Holding: -14.17%
• First Solar: -9.79%
• AppLovin: -9.04%
• Tencent ADR: -8.77%
• Broadcom: -8.14%
• Cisco: -8.03%
• Alaska Air: -8.01%
• Macy’s: -7.83%
• Lululemon Athletica: -7.02%
• American Airlines: -6.96%
• Strategy: -6.95%

Tapestry was the biggest casualty, falling more than 20% for the week. The Coach parent came under heavy pressure following its earnings report and a muted outlook for annual revenue growth.

Cisco also had a rough week despite reporting better-than-expected quarterly earnings and revenue. Investors focused instead on margin pressure, sending the shares sharply lower and illustrating once again that simply beating expectations isn’t always enough when expectations are already elevated.

The losers list also shows that weakness wasn’t isolated to one area of the market. Retail and consumer names including Tapestry, On Holding, Macy’s and Lululemon were among the laggards, while technology names such as Broadcom, Cisco and AppLovin also suffered sizable declines.

That dispersion is another important takeaway from the week. The major averages remained near record territory, but underneath the surface there were some very large moves in both directions. Stock selection—and reactions to earnings and guidance—continued to matter.

So although Friday ended with red on most of the major-index screens, the weekly picture was considerably better. The S&P 500 reached another record, the Russell 2000 finished the week at a record, and some of the strongest individual-stock gains were once again concentrated around AI infrastructure, semiconductors, memory and data-center spending.

The Dow was the outlier among the major averages for the week, declining 0.56%, while the broader market continues to show enough underlying strength to keep the major indices near—or at—record territory heading into next week.