EDITOR'S NOTE
It was a winning week for the three major averages.
The Nasdaq Composite slipped on Friday, pulled down by tech stocks that fell on disappointing earnings, while the S&P 500 edged slightly lower. The Dow Jones Industrial Average eked out a small gain and closed at a record as investors rotated out of tech stocks and into financials.
Snap was a notable decliner, closing 26.5% lower after missing third-quarter revenue expectations. The company noted Apple's iPhone privacy changes disrupted its advertising business. Social media stocks Facebook and Twitter also slid. However, other tech names — Tesla, Microsoft and Netflix — touched fresh all-time highs during the trading session. 
Hawkish comments from Federal Reserve chair Jerome Powell on inflation and policy tightening added to market jitters, but stocks' slight move downward shouldn't be too worrisome, at least in the near term, said Cliff Hodge, Cornerstone Wealth's chief investment officer.
"After a 5% rally on seven green days in a row for the S&P, it makes some sense for the market to consolidate," he said. "The set-up into year-end looks great given the liquidity dynamics on corporate buybacks, but longer term there are still the unresolved headwinds of valuation, the transition to mid-cycle in the economy, and a tightening Fed that may prove challenging now that we're back at all-time highs."
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