Major US equity indices were lower for the week after the S&P 500 and Nasdaq ended last week at fresh record highs. Investors processed several moving pieces this week as earnings season winds down with underlying consensus still remaining on a soft- to no-landing scenario narrative, though several factors contributed to a more defensive tone this week that saw some of the post-election rally momentum fade. In macro news, October's CPI and retail sales were the two big economic reports of the week.