S&P 500 slips 0.4% for the week; Dow falls 1.5%, Nasdaq 0.5%

The dispersion is the story: a down week for the headline indices that ended with a firm Friday close on CPI day suggests the market absorbed the inflation print rather than trading off it. Semiconductors holding up while memory chips slid points to rotation inside the chip complex rather than a broad tech retreat, and the Magnificent Seven barely moving implies the weekly weakness came from elsewhere in the index. Whether that Friday resilience carries into the next stretch, or was a one-day reaction to the data, is the open question.