Stocks pulled back from record levels on Friday as investors balanced weaker-than-expected economic data with an earnings season that has defied expectations. The market initially moved higher after soft readings on consumer spending and sentiment were taken as further evidence that the Federal Reserve, the U.S. central bank, is unlikely to raise interest rates at its September meeting. Combined with earlier signs of easing inflation and a cooling labor market, the latest figures strengthened expectations that policymakers will stand pat on rates.