Stock market today: Dow, S&P 500, Nasdaq slip after stocks hit record high, consumer sentiment declines

US stocks fell on Friday after the S&P 500 ( ^GSPC ) notched a record high amid deteriorating consumer sentiment.

The S&P 500 and the Dow Jones Industrial Average ( DJI ) declined by 0.2%. The Nasdaq-100 ( IXIC ) dropped 0.4%. The S&P 500 was on pace to post a weekly gain.

Investors turned cautious in afternoon trading after a preliminary reading of August consumer sentiment from the University of Michigan showed that Americans grew more dour on the economy as inflation remained top of mind. Oil prices also rose, adding pressure amid low-volume summer trading.

Stocks have been fueled by strong earnings. With no major reports on the calendar for Friday, attention is turning to a series of retail earnings next week, including Target ( TGT ) and Walmart ( WMT ), before Nvidia's ( NVDA ) highly anticipated report the week after, on Aug. 26.

Also on the economic data front US retail sales fell the most in more than a year last month, according to new data released Friday by the Census Bureau.