Gains in tech stocks boosted the Nasdaq Composite on Friday, but other major indices were either down or barely changed as investors digested President Trump's latest tariff announcement, economic data and earnings.

The Dow Jones Industrial Average ended down 0.4 percent at 44,546.08, the S&P 500 was flat, finishing at 6,114.63 and the Nasdaq Composite gained 0.4 percent to 20,026.77.

The latest official figures showed that US retail sales fell by a more-than-expected 0.9 percent in January from December, but analysts noted that this partly reflected an upward revision to the December figure.

The drop was also partly due to bad weather that depressed demand, and could also show "a little consumer fatigue," said Briefing.com analyst Patrick O'Hare.

Investors largely shrugged off data earlier this week showing an increase in consumer price inflation and higher-than-expected wholesale price inflation.

"The stock market continues to maintain this resilient disposition," said O'Hare, who pointed to strong corporate earnings as an offset to concerns about tariffs and an uptick in inflation.

But a rebound in inflation, or persistent inflation at a high level, would make it difficult for the Federal Reserve to cut rates further.

Markets also continued to follow the latest trade developments.

The European Union on Friday vowed to respond "firmly and immediately" to trade barriers after Trump unveiled tariffs that could hit US allies and competitors.

Trump on Thursday said he had decided to impose reciprocal duties, in a dramatic escalation of an international trade war he has unleashed since taking office in January, but the measures will not go into effect until a study is completed.

Despite rising trade tensions, investor sentiment has largely held up in the hope that many of the tariffs can be rowed back with negotiations, while Trump's announcement of plans to hold Ukraine peace talks with Russian counterpart Vladimir Putin has added some optimism.

"Tariff ambiguity still reigns but markets are currently drawing some comfort from the news" of the delay, said National Australia Bank's head of currencies research and markets, Ray Attrill. (AFP)