(MENAFN) Wall Street closed Friday with minimal movement as traders digested disappointing consumer confidence figures and mounting skepticism over whether the artificial intelligence investment surge can maintain its trajectory.

The Dow Jones Industrial Average climbed 74.80 points, gaining 0.16 percent to settle at 46,987.10. The S&P 500 advanced 8.48 points, up 0.13 percent to 6,728.80. Meanwhile, the Nasdaq Composite Index declined 49.45 points, dropping 0.21 percent to 23,004.54.

Energy and utilities dominated Friday's session, surging 1.56 percent and 1.37 percent respectively to lead nine of the S&P 500's 11 major sectors into positive territory. Communication services and technology lagged, falling 0.84 percent and 0.33 percent respectively.

Consumer confidence plummeted to alarming levels, with the University of Michigan Consumer Sentiment Index's preliminary November reading crashing to 50.3—the darkest reading since June 2022. The index's current economic conditions metric reached its lowest point ever recorded, highlighting deepening consumer anxiety driven by unrelenting inflation and the continuing federal government shutdown.

AI-focused equities lost steam throughout the week, with Nvidia, AMD, Tesla, and Microsoft all experiencing significant selloffs.

Altimeter Capital CEO Brad Gerstner characterized Friday's technology sector retreat as "a healthy correction" after sustained rallies.

"The Nasdaq's gone up 40 percent off the bottom in April. The market was kind of looking for a reason for a breather," Gerstner told media. "This week, what you saw across the market is everybody looking for an excuse to sell the trade. I think it's healthy. We're taking some of the air out of the bubble. There's a wall of worry that stands in front of us."

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