The Dow and S&P 500 notched new highs on Friday, with the broader index closing above 5,800 for the first time as big US banks got earnings season underway.

The tech sector saw gains of 2.5% in the trading week as the tech-heavy Nasdaq Composite rose by over 1.1%. Investors weighed the likely impact of a hot inflation print this week and unchanged wholesale inflation on Federal Reserve policy. The latest consumer inflation data failed to clearly signal the Fed's next move on interest rate cuts.

Financials outperformed on Friday, with JPMorgan Chase and Wells Fargo jumping after third quarter results came in better than expected.

Meanwhile, Consumer Discretionary stocks ended the session slightly lower, weighed by shares of EV giant Tesla following the reveal of a highly anticipated driverless robotaxi.