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STORY: U.S. stocks ended slightly higher on Friday, as a rally by Tesla failed to spark meaningful gains for Wall Street’s main indexes.

The Dow, S&P 500 and the Nasdaq all rose just over 0.1%.

Tesla shares climbed for the 11th straight day, matching their longest winning streak, last achieved in January of 2021. Shares rose 4% after General Motors agreed to use Tesla’s Supercharger network. Shares of GM rose 1%.

The relatively quiet day on Wall Street came one day after the benchmark S&P closed 20% above its Oct. 12 finishing low, heralding the start of a new bull market as defined by some investors.

That run has been fueled largely by seven megacap tech stocks – including Tesla – says Michael Jones, CEO of Caravel Concepts, which he finds concerning.

“When you build a rally of a 500-stock index on 7 stocks, that kind of narrow breadth historically has not always led to a pullback and a correction, but if a correction gets going, it has always been a deep and painful one. [FLASH] We've been in the fantasy land of excess COVID stimulus. When we exit that excess COVID stimulus, the Fed had better have announced convincingly and with un-equivocation that they're not going to be tightening anymore, or it could be a tough 2024.”

Investors now await inflation data, due Tuesday, the same day the Fed kicks off its next 2-day policy meeting. Traders see a more than 70% chance that the central bank will pause its interest rate hikes.

In other movers, Netflix gained more than two-and-a-half percent following a report from a research firm that said the streaming giant's subscriptions jumped after its crackdown on password sharing.

And Target slipped more than 3% after Citi downgraded the big-box retailer to "neutral," saying sales could fall further this year due to economic challenges.