Wall Street closed slightly lower on Friday after setting an all-time high the day before. Netflix fell despite reporting strong profits, while American Express also reported better-than-expected profits, but its stock dropped. Exxon Mobil sank as Chevron’s $53 billion deal to buy Hess was allowed to go through.

Norfolk Southern rose after news of talks with Union Pacific about a merger to create the largest railroad in North America. Several stocks rallied on stronger-than-expected profit reports. Treasury yields eased after a report suggested U.S. consumers may be feeling less fearful about coming inflation.

A top Fed official suggested cutting the overnight interest rate at the next meeting, following criticism from President Trump. Lower rates could boost the economy and potentially save money on debt payments. Traders believe the Fed may resume cutting interest rates in September.

Stock markets abroad were mixed, with Hong Kong’s Hang Seng jumping 1.3% but Tokyo’s Nikkei 225 slipping ahead of a key election.

Read more at Yahoo Finance: Wall Street closes a record-breaking week with a quiet finish