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The S&P 500 (-0.9%), which closed below the 5,000 level for the first time since February, and the Nasdaq Composite (-2.1%) logged decent losses due to ongoing weakness in mega cap stocks. Meanwhile, the Dow Jones Industrial Average (+0.6%) and Russell 2000 (+0.2%) settled the final session of the week with gains.

Market breadth also reflected buying activity under the index surface despite new developments in the Middle East. Reports indicated that Israel launched an attack on Iran, but the market wasn't too fazed due to the perception that the strikes were "limited" and didn't result in more damage. Advancers led decliners by a better than 2-to-1 margin at the NYSE and by an 11-to-10 margin at the Nasdaq.

The negative price action in the S&P 500 and Nasdaq Composite was largely driven by ongoing weakness in mega cap stocks. The Vanguard Mega Cap Growth ETF (MGK) declined 2.4%. Shares of NVIDIA (NVDA 762.00, -84.71, -10.0%) tumbled 10% on no news, bringing the stock below its 50-day moving average (841.99). NVDA is still up 53.9% since the start of the year.

Meanwhile, the equal-weighted S&P 500 rose 0.4% and four of the S&P 500 sectors gained at least 1.0%. Strength in bank stocks amid ongoing earnings news from the sector helped drive a 1.4% gain in the financials sector. The SPDR S&P Regional Banking ETF (KRE) jumped 2.6% and the SPDR S&P Bank ETF (KBE) gained 2.3% today.

Dow component American Express (AXP 231.04, +13.54, +6.2%) also contributed to the outperformance of the S&P 500 financial sector. Fellow Dow component Procter & Gamble (PG 158.12, +0.85, +0.5%) also closed higher after reporting earnings.

The information technology sector (-3.1%), communication services (-2.0%), and consumer discretionary (-1.2%) sectors saw the largest declines by a decent margin. These sectors combined represent nearly 50% of the index.

There was no U.S. economic data of note today.

Looking ahead, there is no US economic data of note on Monday.