Finance

Economic reports indicated a surprise 0.6% contraction in U.S. retail sales for July, compounded by a drop in consumer sentiment for August. While the downbeat figures solidify Wall Street's expectations that the Federal Reserve will hold interest rates steady next month, they have also amplified fears regarding a broader economic slowdown.

Chip equipment manufacturer Applied Materials experienced a decline in its share price despite delivering quarterly earnings and guidance that beat consensus expectations. This drop triggered a broader slide across the semiconductor sector, pulling down major industry players like Broadcom and Intel as investors grew cautious over steep AI valuations.

Cryptocurrencies largely sat out the week's broader macroeconomic relief rally, with Bitcoin sliding back below the $63,000 threshold. Market sentiment was dampened after the Securities and Exchange Commission abruptly canceled a highly anticipated open meeting intended to address rules for digital asset fundraising and delayed its tokenized stock trading framework.