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US stocks slipped into the red on Friday after the S&P 500 (^GSPC) notched a record high amid deteriorating consumer sentiment.

The S&P 500 fell just below the flat line, while the Dow Jones Industrial Average (DJI) declined 0.2%. The Nasdaq-100 (IXIC) also dropped 0.2%.

The S&P 500 and Nasdaq were pacing for weekly gains.

A rally in Asian stocks suggested a positive day for US markets, with South Korea's KOSPI (^KS11) index climbing more than 2.4%. Japan's Nikkei (^N225) index also gained 0.6%.

Stocks have been fueled by strong earnings. With no major reports on the calendar for Friday, attention is turning to a series of retail earnings next week, including Target (TGT) and Walmart (WMT), before Nvidia's (NVDA) highly anticipated report the week after, on Aug. 26.

On the economic data front US retail sales fell the most in more than a year last month, according to new data released Friday by the Census Bureau. A preliminary reading of August consumer sentiment from the University of Michigan's latest survey also showed that Americans grew more dour on the economy as inflation remained top of mind.