Finance

Economic indicators pointed to growing consumer caution as July retail sales fell by 0.6% and consumer confidence readings weakened. While the softer data could encourage the Federal Reserve to maintain stable interest rates, it has heightened concerns regarding a broader economic slowdown amid persistent inflation.

Tech shares faced a downturn led by a sharp drop in semiconductor stocks, including Broadcom, Intel, and Applied Materials. Despite delivering strong quarterly forecasts fueled by artificial intelligence data center demand, chip equipment makers failed to satisfy elevated market valuations, prompting widespread profit-taking.

The yield on the 10-year U.S. Treasury note edged up toward 4.69%, aligning with a broader increase in crude oil prices. Energy markets remain under pressure, with benchmark Brent crude rising on heightened geopolitical tensions and supply disruptions in the Persian Gulf.