Wall Street is expected to have a subdued session on Friday as concerns over European political uncertainties and low U.S. consumer confidence data dampen market sentiment. The Russell 2000 ETF, representing small-cap stocks, experienced a 1.7% decline, its worst session since April.

Investors were disheartened by the University of Michigan's report, which revealed the lowest U.S. consumer confidence reading since November 2023, falling well short of economists' expectations. This weak consumer sentiment added to the prevailing cautiousness in the market.

European assets witnessed significant sell-offs, particularly in French equities, as worries grew about potential political and fiscal turmoil due to upcoming snap elections in the region. These concerns further contributed to the decrease in risk appetite among investors.

The S&P 500 dipped by 0.2%, retracing slightly from its record-high close on Thursday. On the other hand, the Nasdaq 100 saw a modest increase of 0.1%, aiming for its fifth consecutive record close this week. Both the S&P 500 and Nasdaq 100 are on track to finish the week positively. Meanwhile, the Dow Jones Industrial Average declined by 0.2% on Friday and 0.6% for the week.

Looking at sector performance, small-cap stocks represented by the iShares Russell 2000 ETF (IWM) underperformed their large-cap counterparts, witnessing a 1.7% decline, the worst session since late April.

In the bond market, yields experienced the most significant weekly drop since late December 2023, as the 10-year benchmark yield fell over 20 basis points. This decline sparked a rally in fixed-income assets, with the iShares 20+ Year Treasury Bond ETF (TLT) gaining 0.6% on Friday and over 3% for the week. This surge could potentially mark the strongest week for long-dated Treasury bonds so far this year.

Commodities, on the other hand, performed well, with gold and crude oil prices rising by 1.2% and 1.1%, respectively. However, Bitcoin (BTC/USD) faced losses, dropping 2.2% for the day and 6% for the week. This marked its second consecutive session decline and the worst week since August 2023.

In summary, Wall Street is likely to experience a muted session due to the prevailing uncertainties in Europe and the disappointing consumer confidence data in the U.S. Small-cap stocks underperformed, while bond yields saw a significant drop. Commodities showed strength, but Bitcoin faced losses amidst market volatility.