NEW YORK — U.S. stocks are drifting Friday as Wall Street coasts to the close of its best week since November.

The S&P 500 was edging down by 0.1% in midday trading and potentially on track to snap a six-day winning streak. The Dow Jones Industrial Average was up 1 point, or less than 0.1%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 0.1% lower.

Treasury yields were holding relatively steady in the bond market following a couple mixed reports on the U.S. economy. One showed homebuilders broke ground on fewer projects last month than forecast, a bit of cold water for the market following a flurry of better-than-expected reports this week on everything from inflation to sales at U.S. retailers.

But a report later in the morning suggested U.S. consumers are feeling better about the economy than expected. That’s a big deal for Wall Street because their spending makes up the bulk of the economy.

Manic Week Caps Off with Relative Calm

Friday’s relative calm caps a manic week where strong data helped whip Wall Street around following a scary run. Stocks had been reeling the week before on a range of worries, and Japan’s market dropped to its worst day since the Black Monday crash of 1987. Many of those questions are still hanging over the market, though not quite as precariously as before.

One concern is centered on the strength of the U.S. economy following a surprisingly weak report on hiring last month.

Even though confidence rose in the economy’s strength following this week’s series of reports, it is still likely slowing under the weight of high interest rates. That’s by design. The Federal Reserve’s goal has been to cool what was a hot job market by making it more expensive for companies and households to borrow and spend. It did that that to remove upward pressure on inflation, which peaked at more than 9% two summers ago.

The question is whether the slowdown in the economy’s growth will overshoot and become a recession. That’s still to be determined, but the hope on Wall Street is that an expected cut to interest rates at the Fed’s next meeting in September will help forestall that.

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Focus Shifts to Jackson Hole

The market’s focus will swing next week to Jackson Hole, Wyoming. That’s where Federal Reserve Chair Jerome Powell will give a speech late in the week, and the setting has been home to hints about big policy announcements in the past.

Because the Fed has said its upcoming moves will depend in large part on what data reports at the time say, “it will be difficult for Powell to pre-commit to a particular trajectory at Jackson Hole.” say economists at Deutsche Bank led by Matthew Luzzetti.

But Powell could offer hints about whether the Fed is hoping to merely remove the brakes from the economy through rate cuts or to give it an accelerant.

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Tech Stocks and AI Concerns

A second big concern for the market has focused on whether investors took the prices of Nvidia and other highly influential Big Tech stocks too high in their frenzy around artificial-intelligence technology.

That debate is still ongoing. Within just an hour on Friday morning, Nvidia went from being the single heaviest weight on the S&P 500 to the strongest force lifting the index. It flipped from a 1.4% drop to a 1.6% rise before settling at gain of 0.3%.

Such swings have become typical for the stock that’s become the face of the AI craze. After soaring more than 170% through the year’s first six and a half months, Nvidia plunged more than 20% over the ensuing three weeks.

A third factor that’s caused global markets’ big swings is more technical, one triggered by a hike to interest rates by the Bank of Japan. That forced hedge funds around the world to abandon a popular trade en masse, where they had borrowed Japanese yen at cheap rates to invest elsewhere.

The forced and sudden selling that ensued hit markets worldwide, but it calmed after a top Bank of Japan official said it won’t raise rates further as long as markets are unstable. But analysts say more potential selling may still be left to uncoil in the system.

On Wall Street, Advanced Materials had one of the sharper drops in the S&P 500 and fell 3.1% despite delivering a better-than-expected profit report.

On the winning side was H&R Block, which leaped 17.9% after reporting a bigger-than-expected profit for the latest quarter and increasing its dividend.

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In the bond market, the yield on the 10-year Treasury held steady at 3.92%, where it was late Thursday. The two-year yield, which more closely tracks expectations for Fed action, was also holding steady at 4.10%.

In stock markets abroad, Japan’s Nikkei 225 jumped 3.6% to cap its best week in more than four years. Indexes were mostly higher across the rest of Asia and Europe.