04:57 PM EDT, 06/21/2024 (MT Newswires) -- US equity indexes ended the week higher as relatively soft economic data kept the Federal Reserve hawks at bay, and gains in heavyweight technology and communications services names other than Nvidia ( NVDA ) and Apple ( AAPL ) added to the tailwind.

* The Dow Jones Industrial Average closed at 39,150.63 on Friday versus 38,589.16 a week ago. The Nasdaq Composite closed at 17,689.36 versus 17,688.88 a week prior. The S&P 500 ended at 5,464.71, compared with 5,431.60 a week earlier.

* Within technology, Adobe (ADBE) was the top gainer, up by more than 16%, but, importantly, Nvidia ( NVDA ) and Apple ( AAPL ) ended the week lower. As a result, technology closed the week little changed.

* Communication services was the top performer among sectors this week, led by Netflix ( NFLX ) and Alphabet (GOOG) in the biggest market-cap category. The financials group produced the second-highest return, led by Wells Fargo ( WFC ) , Mastercard ( MA ) , and Visa (V).

* In economic news, building permits fell 3.8% to a 1.39 million rate, versus the 1.45 million rate expected and a decline to 1.44 million in April.

* US retail sales rose 0.1% in May versus the 0.3% gain anticipated in a survey compiled by Bloomberg and a 0.2% retreat in April.

* The 10-year and two-year government bond yields traded marginally higher late Friday, versus a week ago.

* Fed Governor Adriana Kugler (voter) said that it is possible that the FOMC could cut rates later in 2024, but further evidence that the recent improvement in inflation is continuing will be needed before the FOMC can cut rates. Richmond Fed President Tom Barkin (voter) said he is open-minded about policy decisions based on incoming data.

* The probability that the FOMC will cut interest rates by 25 basis points in September stood at 60% by late Friday versus 62% a week ago, according to the CME Group's FedWatch Tool. The likelihood of the Fed remaining on hold in September was 34% compared with 35% a week earlier.