Stocks struggled for direction on Friday. The main drag was the tech sector, specifically AI. Investors are getting nervous about the huge cash burn on AI infrastructure without seeing returns yet. There are also concerns about AI disrupting software and logistics companies. Apple and Nvidia both fell over 2%. On the macro side, inflation came in lower than expected. This fueled hopes that the Fed might cut rates three times by the end of the year. S&P 500 finished basically flat. In Europe, L'Oreal dropped 4% on weak sales, showing some cracks in the luxury market.