The S&P 500 fell slightly on Friday after reaching a fresh record high earlier in the day as Wall Street concluded a strong week of gains.

The broad index ended the day down 0.1% at 2,950.46 after hitting an intraday all-time high of 2,964.15. The S&P 500 posted a record close in the previous session. The Dow Jones Industrial Average closed 34.04 points lower at 26,719.13 while the Nasdaq Composite lost 0.2% to end the day at 8,031.71.

The major stock indexes jumped to their session highs after Dow Jones reported that Vice President Mike Pence would postpone a China policy address amid "positive signs" on trade. But stocks pared most of those gains after the Commerce Department barred five additional Chinese companies from buying U.S. components without approval.

Chip stocks fell on the department's decision. Micron Technology shares closed 2.6% lower while Advanced Micro Devices lost 3%. Xilinx shares also dropped more than 2%.

Despite Friday's choppy trading action, stocks posted weekly gains as investors cheered the prospects of the Federal Reserve cutting interest rates as soon as July. The Dow and S&P 500 both rose more than 2% for the week, while the Nasdaq climbed 3%. With this week's gains, the S&P 500 is 17.7% for the year and was on track to post its best first half since 1997.

The Fed said Wednesday it is ready to keep the current economic expansion going as trade tensions and weaker data dampen the U.S. economic outlook. The central bank also dropped the word "patient" from its monetary policy statement, which was released Wednesday.

This led investors to price in a 100% probability of a rate cut next month and bolstered equity prices this week.