Finance

Fresh macroeconomic reports revealed unexpected domestic weakness as U.S. retail sales for July contracted by 0.6%, missing the consensus estimate of a 0.1% expansion. Additionally, the University of Michigan's preliminary consumer sentiment index for August fell to 51 from 55.2 in July, underscoring ongoing consumer anxiety regarding persistent prices.

Global energy markets saw crude oil prices advance following a breakdown in peace negotiations to end the U.S.-Iran conflict. In response, Washington outlined plans to implement unprecedented economic measures against Iran, including a potential indefinite naval blockade of its ports.

In corporate developments, shares of Reddit surged by double digits following the official announcement that the social media platform will be added to the S&P 500 index next week. Meanwhile, a sudden pullback in chip stocks, including a decline in Applied Materials despite solid earnings, dragged down tech indices due to widespread profit-taking.