Finance

The U.S. Census Bureau reported a surprise 0.6% contraction in July retail sales, defying economist predictions of a slight increase. Coupled with a drop in the University of Michigan's preliminary August consumer sentiment index, the economic data fueled investor worries about slowing macroeconomic growth despite providing evidence of cooling inflation.

Technology and semiconductor shares led the market down on Friday, highlighted by a 5.1% drop in Applied Materials after its quarterly forecast failed to satisfy heightened investor expectations. Other chip manufacturing heavyweights like Broadcom and Intel also suffered significant single-day losses amid valuation anxieties.

Digital assets failed to capture the broader market's recent positive momentum, with Bitcoin slipping below the $63,000 threshold to touch a two-week low. The downward pressure followed consecutive days of spot Bitcoin ETF outflows alongside regulatory setbacks, including a canceled Securities and Exchange Commission meeting and the postponement of a tokenized stock trading framework.