Finance

Fresh economic data showed that domestic retail sales contracted by 0.6% in July, falling well short of analyst expectations for mild growth. Compounding the market's caution, a preliminary reading from the University of Michigan indicated that consumer sentiment deteriorated in August. Investors are balancing the prospects of a less aggressive Federal Reserve against the threat of stagnation.

Technology and semiconductor shares faced selling pressure on Friday as investors questioned lofty valuations. Shares of Applied Materials fell over 5% despite beating quarterly expectations, as the stock had already doubled earlier in the year. Other major industry players like Broadcom and Intel also notched declines amid heightened scrutiny of the sector's sustainable growth.

Digital assets edged lower on Friday, with Bitcoin slipping below the $63,000 threshold and the total crypto market capitalization falling by 0.62%. Market sentiment soured after the Securities and Exchange Commission unexpectedly canceled a scheduled open meeting regarding startup fundraising rules. This disruption followed the Senate entering its five-week summer recess without advancing a critical crypto legislative framework.