At the end of trading on Friday, the U.S. stock market did not demonstrate a unified dynamics: S&P and Nasdaq indices were in the plus, Dow Jones – in the minus. Nevertheless, all three indicators recorded the 3rd week of decline in a row.

The Dow Jones Industrial Average fell by 0.13% to 29888.78 points by the close of trading. In total, the indicator fell by about 5% over the past week. The leaders of growth among the index components were American Express Co (NYSE:AXP). (+5%), Boeing Co (NYSE:BA). (+2.6%) and Salesforce (NYSE:CRM) Inc. (+2.1%).

Among the leaders of the decline were the securities of Chevron Corp (NYSE:CVX) Corp (NYSE:CVX). (-4.7%), Walmart (NYSE:WMT) Inc. (-2%) and Goldman Sachs Group Inc. (NYSE:GS) (-1.8%).

Standard & Poor’s 500 added 0.22% to 3,674.84 points. The weekly decline in the index amounted to about 6%. The Nasdaq Composite index rose by 1.43% to 10798.35 points. Over the past 5 trading sessions, the indicator lost 5%.

At the end of trading quotations of shares of Centene Corp. providing services in the field of medical insurance and services, fell by 0.4%. The company improved its full-year forecast for adjusted earnings and revenue, and also announced an increase in the share buyback program for $3 billion.

The share price of Adobe Inc. securities, the world’s largest developer of imaging software, fell 1.2%. Although the company posted record revenue in the second fiscal quarter, it gave disappointing market forecasts for the next quarter and the full fiscal year.

Allegiant Travel Co.’s capitalization climbed 2.6% even as the airline worsened its outlook for revenue growth in the current quarter due to a drop in demand amid an increase in coronavirus illnesses in May.

The value of cosmetics and perfume maker Revlon Inc. nearly doubled (up 91%) after a media report about a potential buyout of the company, which filed for bankruptcy earlier this week.

Stock quotes of World Wrestling Entertainment, the organizer of wrestling tournaments, fell by 3.6% after the news of the suspension of Chief Executive Officer and Chairman of the Board of Directors of the company Vince McMann amid an ongoing internal investigation.

The value of shares of biotech Seagen Inc. specializing in fighting cancer jumped 12.7% on media reports about the interest of pharmaceutical Merck & Co (NYSE:MRK). in buying the company, the market valuation of which is $28 billion. Merck’s shares fell 0.4%.

Market volatility remains amid investors’ attempts to assess the current level of inflation, central banks’ responses and forecasts for the global economy. Earlier in the week, the U.S. Federal Reserve raised its key rate by 75 bps in the largest step since 1994 and signaled that it intends to continue tightening monetary policy at the fastest pace in decades to combat rising consumer prices.

The rate hike policy has replaced the accommodative policy adapted during the pandemic crisis, which led to a rebound in both the stock and bond markets. The prospect of further rate hikes this year has caused investors to begin selling off assets. They are also concerned that a tighter MPC could cause a slowdown in economic growth.

“Central banks, which have been our friends for a long time, are saying we should expect a lot of pain,” said PineBridge Investments portfolio manager Hani Redha. – The inflation figure is the only thing that matters now. Even a slowdown in (economic) growth won’t be enough reason to change the Fed’s hawkishness.”

Meanwhile, Fed chief Jerome Powell said at a central bank event on Friday that the regulator’s main goal is to get inflation back to the 2% level. “I and my colleagues are clearly focused on returning inflation to our 2% target,” Bloomberg quoted Powell as saying. – The Fed’s commitment to maintaining price stability provides universal confidence in the dollar as a means of preserving capital.”

The volume of industrial production in the U.S. in May increased by 0.2% compared to the previous month, according to the Fed data. Analysts of the Bloomberg agency, meanwhile, on average, predicted a stronger growth of the indicator – by 0.4%.

At the same time, according to the revised data, in April the volume of industrial production jumped by 1.4%, not 1.1%, as previously reported.