US equity indexes traded mixed while most government bond yields fell after retail sales dropped more than forecast and investors weighed the Trump administration's plans for a global punitive trade policy.

The Nasdaq Composite rose less than 0.1% to 19,954.1, with the S&P 500 off 0.1% at 6,112.2 and the Dow Jones Industrial Average 0.2% lower at 44,602.3. The energy sector was the top gainer intraday and consumer staples the steepest decliner.

In economic news, US retail sales fell by 0.9% in January, versus the 0.2% decrease expected in a survey compiled by Bloomberg and the previous month's 0.7% gain.

President Donald Trump ordered officials to develop custom tariffs for imports from all US trading partners and report their recommendations for imposing reciprocal tariffs. Commerce Secretary Howard Lutnick said a study would be complete by April 1, though the delay is seen as an opportunity to negotiate new trade deals.

The European Commission expressed concerns over Trump's proposed reciprocal trade policy, saying it will "react firmly and immediately" against US tariffs to protect its interests.

The US dollar index fell 0.6% to 106.67. Most US Treasury yields fell, with the 10-year down 7.4 basis points to 4.45% and the two-year 6.5 basis points lower at 4.24%.

In company news, Airbnb (ABNB) issued modest Q1 guidance after its Q4 beat, and shares jumped 15% intraday, the top performer on the S&P 500 and the Nasdaq, reflecting the company's near-term investment plans and upbeat margin forecast for 2025, Wedbush said in a note emailed Friday.

Applied Materials (AMAT) shares slumped 7.2% intraday, the worst performer on the S&P 500 after the company issued a downbeat fiscal Q2 revenue outlook at the midpoint amid the impact of US restrictions on exports to China.