Stock market today: S&P 500 slips from record high but caps third straight week of gains

US stocks fell on Friday after the S&P 500 (^GSPC) notched a record high amid deteriorating consumer sentiment.

The S&P 500 declined by about 0.2% but capped its third consecutive weekly gain. The Dow Jones Industrial Average (DJI) also dropped 0.2%, closing out the week with a loss, while the Nasdaq Composite (^IXIC) fell about 0.3%, eking out a slight gain for the week.

Investors turned cautious in afternoon trading after a preliminary reading of August consumer sentiment from the University of Michigan showed that Americans grew more dour on the economy as inflation remained top of mind. Oil prices also rose, adding pressure amid low-volume summer trading.

Stocks have been fueled by strong earnings. With no major reports on the calendar for Friday, attention is turning to a series of retail earnings next week, including Target (TGT) and Walmart (WMT), before Nvidia's (NVDA) highly anticipated report the week after, on Aug. 26.

On the economic data front US retail sales fell the most in more than a year last month, according to new data released Friday by the Census Bureau.