Finance

Fresh economic data revealed a surprise contraction in July retail sales, which declined by 0.6% on the month. While the weakening consumer demand keeps pressure off the Federal Reserve to implement near-term interest rate hikes, it has simultaneously heightened Wall Street worries regarding a broader economic slowdown.

Valuation anxieties heavily impacted chip equipment manufacturer Applied Materials, which shed over 5% of its stock value despite reporting an earnings and guidance beat. Other prominent tech components like Broadcom and Intel also suffered notable losses as investors engaged in profit-taking following recent market rallies.

Shares of the social media platform Reddit surged by double digits at the end of the week following a major index reshuffle announcement. The stock market responded enthusiastically to the news that the company is scheduled to officially join the S&P 500 benchmark prior to the opening bell next week.