The major averages closed mixed once again as sector rotation was the name of the game this week. The Dow Jones Industrial Average rose 15 points, posting its best week since May, up 1.5%. The S&P 500 fell 8 points and closed up 0.6% on the week. The Nasdaq fell 32 points on the day, virtually unchanged on the week.  

Even though the averages were quiet, the markets saw their highest trading volume since March 15, due to the triple witching with the expiration of stock options, stock index options and stock index futures options.

A quiet week for earnings and economic data. The theme of the week was sector rotation as money managers took some profits in the high-flying tech and AI sectors, allocating to the underperforming sectors.

Nvidia shares finally pulled back, falling 3% after briefly surpassing Apple and Microsoft earlier in the week as the most valuable public company in the US. Broadcom and Micron were also lower today by over 3%.

Some traders are seeing signs of an overextended market both on the technical and fundamental side.

Treasury yields were little changed Friday as traders searched through the latest U.S. economic data to look for clues for when the Federal Reserve might cut rates. The 10-year treasury rose a basis point to 4.26%. The 2-year treasury yield also rose a basis point to 4.73%.