Stocks on Wall Street drifted lower on Friday, erasing gains for the S&P 500 as Nike's disappointing earnings report weighed on the market. The S&P 500 slipped 0.4%, while the Nasdaq composite fell 0.7% and the Dow slipped 0.1%. Nike's stock plummeted 20% after missing revenue targets and cutting its sales guidance for the year, citing a challenging environment. Despite the losses, the S&P 500 remains close to its record high. Investors are watching inflation data closely, hoping for rate cuts from the Federal Reserve. Treasury yields were mixed after a report showed easing inflation, with the expectation that the Fed may cut rates in September. The overall market sentiment remains cautious, with concerns over consumer spending and economic growth. Technology and financial sector stocks helped offset some of the losses, but retail and athletic apparel companies struggled.