The Standard & Poor's 500 index edged down 0.1% this week but ended August trading with a 1.9% monthly climb.

The S&P 500 closed at 6,460.26 on Friday, the final trading day of the month. While this marked a slight decline from a week prior and snapped its weekly winning streak, the index still recorded its fourth consecutive monthly gain. It is now up 4.1% for the quarter and 9.8% for the year.

Data this week showed US consumer spending rose in July at the fastest pace since March, while the Federal Reserve's preferred inflation metric increased annually to the highest level in five months.

The second estimate of Q2 gross domestic product from the Bureau of Economic Analysis showed the US economy expanded in the second quarter at the fastest pace in nearly two years amid stronger consumer spending and business investment than previously expected.

The utilities sector had the largest percentage drop of the week, falling 2.1%, followed by a 1.7% drop in consumer staples and a 0.8% slip in industrials. Health care, consumer discretionary, real estate and technology also edged lower while the materials sector was flat on the week.

NextEra Energy (NEE) was the top decliner among utilities stocks, shedding 5.6%. The company said holders of stock purchase contracts that are components of corporate units issued in September 2022 will receive 0.5705 share of NextEra Energy common stock for each stock purchase contract held, with cash to be paid in lieu of any fractional shares. Upon settlement, NextEra Energy will receive approximately $2.0 billion in exchange for approximately 22.8 million shares of common stock.

In consumer staples, Keurig Dr Pepper (KDP) shares were hit hardest, falling 17%, amid the beverage company's deal to acquire Dutch coffee maker JDE Peet's in an all-cash deal valued at about 15.7 billion euros ($18.37 billion). The deal is ultimately likely to create value, "but will take some time to realize that value," analysts at RBC Capital Markets said in a note to clients.

The energy sector, meanwhile, rose 2.5%, followed by gains of 0.7% each in financials and communication services.

The energy sector's rise came as crude oil futures also edged higher. Best performers included shares of APA Corp. (APA), up 7.3%, and Marathon Petroleum (MPC), up 5.2%.

The US stock market will be closed on Monday for the Labor Day holiday.

Earning reports are expected later in the week from companies including Salesforce (CRM), Broadcom (AVGO), Hewlett Packard Enterprise (HPE), Dollar Tree (DLTR) and lululemon athletica (LULU).

Economic data will include August employment data as well as August automotive sales. July construction spending and factory orders will also be reported.