US stocks wavered on Friday, hovering near record highs as signs of strength in the economy provided the buoyancy that Netflix's (NFLX) earnings report lacked. The S&P 500 and Nasdaq trimmed early gains after the University of Michigan consumer sentiment survey showed one-year inflation expectations plunging to 4.

The S&P 500 returned more than 25% during the three-month period that ended on July 9, something it has only done five other times since 1950. The S&P 500 following three-month returns exceeding 25% has always increased in the next six months,