The major averages closed fixed mixed once again as the Dow Jones Industrial Average extended its rally to an eight straight day. The Dow closed up 125 points or 0.32% led by strength in McDonalds, JP Morgan Chase, Caterpillar and Unitedhealth Group. The S&P 500 rose 8 points while the Nasdaq Composite fell 5 points.

Consumer sentiment data released Friday morning reflected a big uptick in inflation expectations, throwing some cold water on the market. The preliminary May reading for the University of Michigan's consumer sentiment index came in at 67.4, far below a Dow Jones estimate of 76 and marking its lowest reading in about six months. The yield on the 10-year Treasury added more than 5 basis points to 4.50%. The 2-year Treasury yield rose by 5 basis points to 4.85%.

The tech space led the weakness after Akamai Tech dropped 11% on weak guidance for the second quarter and the full year. The company did announce a $2 billion share buyback. Apple, Google, Tesla and Amazon were all modestly lower today. Unity Software was down 10% on lackluster earnings.

The chip space was higher after Taiwan Semi provided an update to their quarter. Taiwan Semi closed up 4% while Nvidia was up a percent.

On the earnings front outside tech, Victoria Secrets was up 5% on earnings. Dutch Brothers rose 9% on an upgrade and earnings earlier in the week. 3M was higher on an upgrade.

The Diamond of the day goes to Novavax up 98% after a COVID-19 vaccine licensing deal with Sanofi where Sanofi will invest $1.2 billion in the struggling biotech. The stock is down 97% from the highs set during the pandemic.

In the commodity space Gold, Silver and Copper were higher while oil and Bitcoin were lower.

For the week, the Dow posted a 2.16% gain, its best week since December and its fourth positive week in a row. The S&P 500 and the Nasdaq Composite both posted a third consecutive winning week, rising 1.85% and 1.14%, respectively.