Stocks slid on Friday to cap a week of trading that saw fortunes between the major indexes diverge with the tech-heavy Nasdaq Composite (^IXIC) logging a modest gain of around 0.25% while the benchmark S&P 500 (^GSPC) fell 0.46% and the Dow Jones Industrial Average (^DJI) lost over 1.2% for the week.

On Friday, all three majors finished in red figures, with the S&P 500 dropping 0.16%, the Dow falling 0.03%, and the Nasdaq losing 0.35%.

Stocks had opened Friday's session higher but forfeited those gains in late morning trade after consumer sentiment data from the University of Michigan on Friday showed a notable increase in consumer inflation expectations.

In the week ahead, investors will continue to closely track updates on the ongoing debt ceiling negotiations, with a key meeting between President Joe Biden and House Speaker Kevin McCarthy that had been set for Friday postponed until next week.