Dow34479.60+13.36(0.04%)Nasdaq14069.42+49.09(0.35%)SP 5004247.44+8.26(0.19%)10-yr Note -2/321.460NYSEAdv 2147 Dec 1113 Vol 824.7 mlnNasdaqAdv 2645 Dec 1588 Vol 4.1 bln Industry Watch Strong: Information Technology, Financials, Consumer DiscretionaryWeak: Health Care, Real Estate, Energy Moving the Market -- S&P 500 closes at another record high in tight-ranged session for the large-caps-- Riskier, smaller stocks outperformed -- 10-yr yield touched lowest level since late February and the CBOE Volatility Index closed at lowest level since February 2020 S&P 500 ends week with another closing record highDow +13.36 at 34479.60, Nasdaq +49.09 at 14069.42, S&P +8.26 at 4247.44 [BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.4%), and Dow Jones Industrial Average (+0.04%) closed slightly higher on Friday, with the S&P 500 setting another closing record high. The Russell 2000 (+1.1%) and iShares Micro-Cap ETF ($IWC 154.77, +1.46, +1.0%) outperformed, as investors broadened out their risk exposure. Trading conviction at the large-cap level wasn't that strong given the tight-ranged index performances and no sector in the S&P 500 gained or lost more than 1.0%. The information technology (+0.6%) and financials (+0.6%) sectors showed relative strength, while the health care sector (-0.7%) underperformed. Interestingly, the 10-yr yield fell to a three-month low at 1.43% overnight before settling at 1.46%, or unchanged from yesterday's settlement. The CBOE Volatility Index (VIX 15.65, -0.45, -2.8%) closed at its lowest since February 2020, representing a pre-pandemic reset of the hedging premium. This reduced hedging interest synchronized with the riskier bets made in micro-cap stocks today. Presumably, investors felt comforted in the idea that there's still some time left before the Fed formally communicates a shift in policy. The FOMC meets next week, but economists polled by Reuters expect the Fed to announce a plan to taper asset purchases in August or September. Separately, consumer sentiment improved modestly following a drop-off in May, according to the preliminary June reading for the University of Michigan Index of Consumer Sentiment. The index checked in at 86.4 (Briefing.com consensus 83.5), versus 82.8 in May. Consumers, however, remained concerned about rising prices for houses and vehicles. In corporate news, NVIDIA ($NVDA 713.01, +16.01, +2.3%) set all-time highs after agreeing to acquiring DeepMap, a startup dedicated to building high-definition maps for autonomous vehicles. Vertex Pharma ($VRTX 193.02, -23.75, -11.0%) dropped 11% after halting the development of a lung disorder drug. The 2-yr yield was unchanged at 0.15%. The U.S. Dollar Index rose 0.5% to 90.51. WTI crude futures rose 1.0%, or $0.70, to $71.00/BBL. Reviewing Friday's economic data: The preliminary June reading for the University of Michigan Index of Consumer Sentiment increased to 86.4 (Briefing.com consensus 83.5) from the final reading of 82.8 for May.The key takeaway from the report is that, even though inflation expectations softened some, rising inflation remained a top concern for consumers. Investors will not receive any notable economic data on Monday. Russell 2000 +18.3% YTDS&P 500 +13.1% YTDDow Jones Industrial Average +12.7% YTDNasdaq Composite +9.2% YTDSource: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .