Finance

A surprise 0.6% contraction in July retail sales triggered profit-taking across tech sectors, hit hard by high valuations. Applied Materials led the decline alongside other major chip firms like Broadcom and Intel, whose upbeat forecasts failed to offset broader market anxieties.

Global energy markets experienced renewed volatility as international crude benchmarks remained elevated. Ongoing shipping choke points in the Middle East and physical attacks on tankers near the Persian Gulf continue to strain global supply chains.

Precious metals held solid ground as market expectations tilted away from a September interest rate hike. Recent cooling inflation reports have increased the likelihood that the central bank will keep rates steady, boosting non-yielding safe-haven assets.