Wall Street holds near its record following the latest weak update on the US economy

U.S. stocks hovered near record highs Friday after a report on retail sales showed spending at retailers was weaker than expected, adding uncertainty to the growth outlook. The S&P 500 rose 0.1% after closing at an all-time high the prior day, while the Dow Jones Industrial Average fell 0.1% (down 27 points) and the Nasdaq added 0.1% around 9:35 a.m. ET. Treasury yields were steady, though the 10-year yield edged up to 4.65% from 4.63% late Thursday. Traders interpreted softer demand as potentially easing inflation and reducing the likelihood of Fed rate hikes in September, but it also increased risks of “stagflation.” Reddit jumped 14.7% after news it will join the S&P 500 on Tuesday.