Markets got back to treading water this week, as inflation and tariff concerns have some analysts pushing the next interest rate cut to December.

A healthy crop of earnings helped European stocks bust out of a four-day losing streak on Thursday, Wall Street was watching Netflix and the dollar bounced after U.S. President Donald Trump quashed talk he was about to fire Fed head Jerome Powell.

The S&P 500 edged down by a whisper, less than 0.1%, after setting its all-time high the day before. The Dow Jones Industrial Average fell 142 points, or 0.3%, and the Nasdaq composite edged

NEW YORK -- Wall Street closed its third winning week in the last four with a quiet finish on Friday. The S&P 500 edged down by a whisper, less than 0.1%, after setting its all-time high the day before. The Dow Jones Industrial Average fell 142 points, or 0.3%, and the Nasdaq composite edged up by less than 0.1% to add its own record.

Consumers' inflation expectations, by some measures, are also the highest in decades. Inflation has been above the Fed's 2% target for over four years, and the prospect of a dovish Fed under the stewardship of a new Trump-friendly Chair could keep it that way.

Wall Street opened higher on Friday as market sentiment continued to be upbeat, a day after the S&P 500 and Nasdaq Composite closed at record highs. The S&P 500 (SP500) +0.3%, the Dow (DJI) +0.2%, and the Nasdaq Composite (COMP:IND) +0.