New York, Sep 15 (AP) Stocks slipped in morning trading on Wall Street Friday but not enough to erase the market's gains for the week.

The S&P 500 fell 0.5 per cent. The benchmark index is on track for weekly gains that would help trim some of last week's losses. Th Dow Jones Industrial Average fell 28 points, or 0.1per cent, to 34,876 as of 10.05 am Eastern. The Nasdaq fell 0.9 per cent,

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Technology stocks were the biggest drag on the market. Microsoft fell 1.6per cent and chipmaker Nvidia fell 1.4 per cent.

US automaker stocks were proving to be resilient after members of the United Auto Workers union walked off the job at several plants overnight. Ford rose 1 per cent, General Motors rose 1.8per cent and Stellantis gained 2 per cent.

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Bond yields were mixed. The yield on the 10-year Treasury rose to 4.30 per cent from 4.29 per cent late Thursday. The yield on the 2-year Treasury fell to 5.01 per cent from 5.02 per cent late Thursday.

Investors spent much of the week reviewing mostly healthy updates on the U.S. economy. The reports came ahead of next week's Federal Reserve meeting, where the central bank is expected to continue holding interest rates steady.

The central bank raised rates aggressively through 2022 and 2023 in an effort to tame inflation, but it maintained interest rate levels at its last meeting. Inflation has generally been easing back to the central bank's target of 2per cent.

Boosting market sentiment this week was a report that said US shoppers spent more at retailers last month than economists expected. That reflects a remarkably resilient job market, which has withstood a steep jump in interest rates.

A separate report Thursday morning said fewer workers applied for unemployment benefits last week than expected, which implies the number of layoffs remains low.

A third report said prices getting paid at the wholesale level rose more last month than economists expected. That could be a discouraging signal for households if the higher-than-expected inflation gets passed on to shoppers at the consumer level. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)