U.S. stocks were pulling back from record territory in the final hour of trade Thursday as investors looked forward to big banks kicking off earnings season in earnest. "Inflation is ebbing lower, but it's going to take some time," said Anthony Saglimbene, chief market strategist at Ameriprise Financial, in a phone interview.

The S&P 500 and the Dow hit record highs on Friday, with the biggest boosts from financial stocks after banks reported strong quarterly results while the latest inflation data supported expectations for a U.