Finance

Fresh macroeconomic reports indicated a unexpected 0.6% contraction in July retail sales alongside a notable drop in the University of Michigan's consumer sentiment index. While the data reinforces expectations that the Federal Reserve may hold interest rates steady next month, it has simultaneously heightened investor anxieties regarding underlying economic weakness.

Chip equipment manufacturer Applied Materials experienced a 5.1% share decline despite exceeding top and bottom-line quarterly expectations due to artificial intelligence infrastructure demand. Market analysts noted that because the stock had already more than doubled earlier in the year, exceptionally high investor expectations triggered profit-taking across the broader semiconductor sector.

Shares of the social media platform jumped 13% at the end of the week following an official announcement from S&P Dow Jones Indices. The company is slated to officially join the benchmark S&P 500 index prior to the opening bell early next week.