Stock markets diverged and the dollar dipped on Friday as traders tracked US President Donald Trump's latest tariff announcement, economic data and earnings.
Wall Street's main indices hovered around the break-even line but the S&P was still able to rise within a whisker of its all-time high.
That came despite data showing that US retail sales fell by a more-than-expected 0.9 percent in January from December.
Analysts pointed out that was due in part to the December figure being revised higher.
Briefing.com analyst Patrick O'Hare said the data "points to a tired consumer after the holidays, raising the question as to whether that fatigue will persist because of inflation pressures or prove to be short-lived".
Investors largely shrugged at data earlier this week showing an increase in consumer price inflation and higher-than-expected wholesale price inflation.
City Index and FOREX.com analyst Fawad Razaqzada said market attention was firmly on the wholesale price components that feed into the Core PCE index -- the Federal Reserve's preferred inflation gauge.
"Weakness in key ... components, including healthcare and insurance costs, along with a sharp drop in airline fares, suggest that Core PCE is likely to ease," he said.
Investors are concerned whether the US Federal Reserve will continue to lower rates this year, having cut three times in 2024, with traders now pricing in just one.
A rebound in inflation, or persistent inflation at a high level, would make it difficult for the Fed to cut rates further.
Markets also continued to follow the latest trade developments.
The European Union on Friday vowed to respond "firmly and immediately" to trade barriers after Trump unveiled tariffs that could hit US allies and competitors.
Trump on Thursday said he had decided to impose reciprocal duties, in a dramatic escalation of an international trade war he has unleashed since taking office in January, but the measures will not go into effect until a study is completed.
Despite rising trade tensions, investor sentiment has largely held up in the hope that many of the tariffs can be rowed back with negotiations, while Trump's announcement of plans to hold Ukraine peace talks with Russian counterpart Vladimir Putin has added some optimism.
"Tariff ambiguity still reigns but markets are currently drawing some comfort from the news" of the delay, said National Australia Bank's head of currencies research and markets, Ray Attrill.
Hong Kong led the way among major stock markets on Friday, closing up more than three percent, as tech firms extended their recent surge on a Bloomberg report that China had invited Alibaba co-founder Jack Ma and other top entrepreneurs to meet Beijing's top brass.
That fuelled hopes of fresh support for the private sector.
Alibaba piled on 6.3 percent, while JD.com and Tencent each rose more than seven percent.
European markets ended the day mixed.
New York - Dow: DOWN 0.3 percent at 44,600.69 points
New York - S&P 500: FLAT at 6,115.76
New York - NASDAQ Composite: UP 0.1 percent at 19,972.62
London - FTSE 100: DOWN 0.4 percent at 8,732.46 (close)
Paris - CAC 40: UP 0.2 percent at 8,178.54 (close)
Frankfurt - DAX: DOWN 0.4 percent at 22,513.42 (close)
Tokyo - Nikkei 225: DOWN 0.8 percent at 39,149.43 (close)
Hong Kong - Hang Seng Index: UP 3.7 percent at 22,620.33 (close)
Shanghai - Composite: UP 0.4 percent at 3,346.72 (close)
Euro/dollar: UP at $1.0504 from $1.0467 on Thursday
Pound/dollar: UP at $1.2610 from $1.2586
Dollar/yen: DOWN at 152.07 from 152.76 yen
Euro/pound: UP at 83.30 pence from 83.28 pence
Brent North Sea Crude: DOWN 0.5 percent at $74.66 per barrel
West Texas Intermediate: DOWN 0.8 percent at $70.70 per barrel