At 00:00 Beijing time on August 16, US stocks closed mixed on Friday, with all three major indices posting solid gains for the week. Data showed that US July retail sales met expectations, while consumer confidence declined and inflation expectations rose. Investors chose to partially take profits after a strong week.

The Dow rose 34.86 points, or 0.08%, to 44,946.12; the Nasdaq fell 87.69 points, or 0.40%, to 21,622.98; and the S&P 500 dropped 18.74 points, or 0.29%, to 6,449.80.

All major indices recorded gains for the week, with the Dow up 1.75%. The S&P 500 rose 0.93%, and the Nasdaq Composite advanced 0.79%.

Chip stock declines and weak consumer confidence data weighed on Friday's market performance. Applied Materials' shares plunged 14%, dragging the VanEck Semiconductor ETF (SMH) down 2%. Nvidia fell 0.86%.

Meanwhile, the University of Michigan's Consumer Sentiment Index dropped to 58.6 in August from 61.7 in the previous month, primarily due to inflation concerns.

Jay Hatfield, CEO and Chief Investment Officer of Infrastructure Capital Advisors, said: "The AI boom and expectations of inevitable Fed rate cuts are supporting the market. Thus, despite typically weak seasonal performance in August and September, we don’t expect a tradable pullback in the S&P 500. In fact, US stocks remain in a slow grind higher."

The July retail sales data released Friday morning also indicated that US consumers remain healthy. Retail sales rose 0.5% last month, matching Dow Jones consensus expectations. Excluding auto sales, retail sales grew 0.3%, also in line with forecasts.