• US stocks ended the week mixed on Friday after an inflation scare and Nvidia's earnings report.

• Investors will look ahead to next week's PCE data to gauge which direction inflation is headed.

• Nvidia earnings helped push up tech stocks and drove the Nasdaq 100 to an overall gain this week.

US stocks traded higher on Friday, but finished the week mixed after an inflation scare following strong economic data and the release of Nvidia's solid first-quarter earnings report.

For the week, the Dow Jones Industrial Average dropped 2.3%, while the S&P 500 traded about flat and the Nasdaq 100 rose about 1.4%.

Strong economic data from the PMI release on Thursday set off a fresh inflation scare, with robust services and manufacturing readings hinting that the Federal Reserve will keep interest rates higher for longer.

The chances of a Fed rate cut were pushed back from September to the November FOMC meeting, according to the CME FedWatch Tool.

Investors will look to next week's release of PCE data to gauge which direction inflation is moving.

"Next Friday's release of the PCE report could offer the market a decidedly positive catalyst if the data comes in cooler than expectations. Absent that, even if the PCE remains steady the market could be satisfied that inflation remains somewhat contained, but yesterday's market action suggests that investors and traders alike are losing patience with the Fed's inability to quell prices that insist on rising," LPL Financial's chief global strategist Quincy Krosby said.

Meanwhile, Nvidia's strong first-quarter earnings report released on Wednesday helped drive AI-related tech stocks sharply higher. The Nasdaq 100 finished the week at a new record closing high. Shares of the chip maker soared to record levels above $1,000 as it reported results that beat estimates for both earnings and revenue, while drumming up excitement for its next generation Blackwell chip.

Here's where US indexes stood at the 4:00 p.m. closing bell on Friday: 

• S&P 500: 5,304.72, up 0.7%

• Dow Jones Industrial Average: 39,069.59, up 0.01% (+4.33 points)

• Nasdaq composite: 16,920.79, up 1.1%

Here's what else happened today:

• Nvidia stock could plunge 20% in the next 18 months as it is likely to face a surge in competition, according to DA Davidson analyst Gil Luria.

• A sports bettor scored an 80,860% gain on a $100 parlay ticket for the NBA Championship. He could have won as much as $1.7 million.

• Ether could surge as much as 60% if spot ETFs are approved by the SEC, according to one research firm.

• Apple will be worth more than $4 trillion next year thanks to its upcoming WWDC AI event and the launch of the iPhone 16, according to Wedbush.