Wall Street’s main stock indices pulled back Friday after a slew of data this week dampened hopes for earlier rate cuts from the Federal Reserve, while European equities held near recent highs.

NEW YORK – The dollar rose to a more than one-week high on Friday after a mixed batch of data showed the U.S. economy remained stable with small pockets of weakness, suggesting the Federal Reserve could keep interest rates higher for longer or reduce the planned number of rate cuts this year.

The Fed has raised interest rates to a 23-year high of between 5.25 and 5.50 percent as it looks to return inflation firmly to its long-term target of two percent

Non-oil activities in Saudi Arabia have achieved a historic milestone, reaching a 50% share of the country’s real GDP in 2023, the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning.

Stock markets in United Arab Emirates declined on Friday, in line with global equities after a bigger-than-expected hike in U.S. inflation dashed hopes of early rate cut. MSCI’S global equity index was down 0.2%, while Hong Kong’s Hang Seng Index slid 1.4%. The mood turned cautious after a bigger-than-expected rise in producer prices in U.S. data on Thursday added to a hot consumer inflation reading earlier in the week.

MSCI’S global equity index was down 0.2% on Friday and flat for the week, following a strong rally for most of the first quarter of the year