Finance

Fresh economic data weighed heavily on investor sentiment as July retail sales fell by 0.6%, marking the first contraction for the metric in nine months. Additionally, the University of Michigan's preliminary consumer sentiment index dropped sharply to 51.0 for August, coming in well below consensus expectations. The cooling demand highlights growing consumer anxiety over persistent inflation and elevated energy costs.

Crude oil prices ticked upward on Friday due to escalating international tensions and ongoing disruptions in the Middle East. Brent crude climbed past $87 per barrel following reports of additional vessel attacks and an indefinite U.S. naval presence near the Strait of Hormuz. These persistent energy spikes have heightened market concerns regarding overhead logistics costs and macro economic growth.

The broader cryptocurrency market experienced a quiet downturn, with Bitcoin drifting back down to the $63,000 threshold and Ethereum tracking lower near $1,870. Digital asset prices failed to capitalize on recent supportive macroeconomic data, facing headwinds from spot ETF outflows and a general rotation of speculative capital toward artificial intelligence ventures. Compounding the stagnant performance, the SEC delayed a highly anticipated open meeting regarding its upcoming 'Regulation Crypto' frameworks.