S&P 500 eases after recent rally, but tech shares rise
Adobe up after lifting full-year revenue forecast
US consumer sentiment ebbs in June; inflation worries linger
Updates to 4 p.m. ET
By Caroline Valetkevitch
NEW YORK, June 14 (Reuters) - The S&P 500 edgedlower on Friday, ending a four-day run of record closing highs, but gains in Adobe and other technology shares limited the decline.
The S&P 500 technology sector .SPLRCT rose, with AdobeADBE.O shares jumpingafter the company raised its annual revenue forecast on more demand for its artificial intelligence-powered software.
Investors were also digesting economic data to gauge how soon the Federal Reserve might be able to cut interest rates.
Apreliminary reading of the University of Michigan's Consumer Sentiment Index slipped to 65.6 in June, sharply lower than expectations.
On Wednesday, Fed policymakers dialed back their projections for three cuts this year to just one.
"The main situation here is we've got an extended market,"said Adam Sarhan, chief executive of 50 Park Investments in New York. "You've had a big rally this week, led by big-cap tech. Under the surface, we have a lot of areas acting weak."
According to preliminary data, the S&P 500 .SPX lost 1.48 points, or 0.03%, to end at 5,432.26 points, while the Nasdaq Composite .IXIC gained 24.20 points, or 0.14%, to 17,688.88. The Dow Jones Industrial Average .DJI fell 57.50 points, or 0.14%, to 38,591.49.
The Russell small-cap index .RUT fell.
Fed Bank of Chicago President Austan Goolsbee said he was relieved after data this week showed inflation in May had cooled, but he would still like to see "more months" of similar data before cutting interest rates.
Nvidia NVDA.O shares also were higher.
Fund flows: U.S. equity sector funds Fund flows: U.S. equity sector funds https://tmsnrt.rs/40SDRqx
Additional reporting by Lisa Mattackal and Johann M Cherian in Bengaluru; Editing by Maju Samuel and Richard Chang
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