Shares have retreated in Asia after a lackluster finish on Wall Street following a report showing an uptick in inflation in the U.S. last month.

The S&P 500 rose 0.4% to cap its biggest weekly gain since early November 2023 and briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average climbed 259 points, or 0.6%, while the Nasdaq composite added 0.1%.

U.S. stocks are drifting near their records after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates.

Asian shares are mostly higher after U.S. stocks slipped as the market’s rally following Trump’s election victory continued to cool.

The big bump Wall Street got from last week’s presidential election and cut to interest rates keeps fading, and U.S. stocks are falling again Friday as they head for a losing week. The S&P 500 fell 1% in morning trading and was heading for its worst loss since before Election Day.

Some of the stocks that got the biggest bump from Trump’s election lost momentum. Tesla fell 5.8% for just its second loss since Election Day. It’s run by Elon Musk, who has become a close Trump ally.