U.S. stocks hovered around their record levels on Friday as Wall Street remained relatively calm following a decline in European markets.

The S&P 500 edged down slightly, marking the first time this week that it did not reach a new all-time high. The Dow Jones Industrial Average dropped 0.1%, while the Nasdaq composite added 0.1% to its previous day's record high due to gains in technology stocks.

Losses were more significant in Europe, with recent election results causing uncertainty. Far-right party victories have raised concerns about France's economic stability and its ability to repay debt. This has also impacted markets in Mexico, India, and other regions.

France's CAC 40 fell 2.7%, while Germany's DAX lost 1.4%.

On Wall Street, RH shares fell 17.1% after reporting disappointing earnings for the quarter, citing challenges in the housing market.

The Federal Reserve's high interest rates have negatively affected the housing market and overall economy, as it aims to combat inflation.

Cruise-ship operators experienced losses after Bank of America highlighted weakening price trends for trips. Norwegian Cruise Line and Carnival were among the top losers.

Stocks have reached record levels amid hopes that inflation will slow, leading to possible interest rate cuts by the Federal Reserve. Technology stocks continue to perform well, regardless of economic conditions.

Adobe and Broadcom reported stronger profits, leading to stock price increases. Nvidia also saw gains, contributing to the overall rise in market value.

In the bond market, U.S. Treasury yields decreased slightly after a report showed consumer sentiment remaining subdued.

Expectations for inflation among U.S. consumers have not changed significantly, indicating possible economic stability.

In overseas markets, Asian indexes were mixed, with Japan's Nikkei 225 rising after the country's central bank maintained interest rates.

AP Business Writer Yuri Kageyama contributed to this report.