US Markets Slip as Consumer Sentiment Drops and Dollar Rises

US stocks trended lower on Friday, with the S&P 500 on track to record its second straight week of negative performance, while Treasury yields climbed and the US dollar was the notable gainer for the session. The University of Michigan consumer sentiment gauge saw a sharp drop in May, down from 63.5 in April to 57, well below the expected 63, with long-term inflation expectations surging to the highest since April 2011. Tesla dropped 1.5% after Chinese auto regulators recalled around 1 million vehicles to address a brake issue, while Charles Schwab rose nearly 3% after it said that client assets rose in April.