The Dow shed three-quarters of a percent, the S&P dipped more than a tenth of a percent and the Nasdaq ticked up more than a tenth.

Boosting the S&P this week: a signal from the Federal Reserve, which said after its policy meeting on Wednesday that it was still on track for three interest rate cuts this year.

An index of semiconductors was also up sharply for the week amid continued optimism over artificial intelligence.

But Keith Buchanan, Senior Portfolio Manager at GLOBALT Investments sees some of the megacap technology stocks trading more sideways, which he views as a sign of healthier market.

"It's allowed for the opportunity for some of the attention and frankly, some of the performance, to spread around other industries and sectors outside of generative AI. Now that technology and that movement, if you will, is not anything that we feel like hasn't been rewarded in a proper way from the marketplace. But the performance outside of technology, as well as industrials, financials, has started to perk up some in a way that we feel is showing optimism for the rest of the year."

In other company news, shares of Nike fell about 7%, a day after the world's largest sportswear maker warned that revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage.

Lululemon Athletica shares slid nearly 16% after the company forecast annual revenue and profit below expectations.

On the flip side, shares of FedEx jumped about 7.5% a day after the company beat Wall Street expectations for quarterly profit.