Finance

A surprise drop in domestic retail sales for July alongside softer inflation metrics has led market participants to scale back predictions of a September interest rate hike. This shift has placed upcoming corporate earnings from retail heavyweights under intense scrutiny as Wall Street seeks clearer signs regarding consumer resilience.

Semiconductor equities outperformed the broader market following robust revenue projections from AI lab Anthropic. The industry also received a boost after policy updates highlighted administrative pushback against specific foreign technology procurement, driving shares of companies like Micron higher.

Long-term bond yields advanced significantly, with the 30-year Treasury yield hitting its highest point since 2007. The upward pressure on yields stems from a combination of ongoing concerns over the domestic fiscal trajectory and heavy corporate debt issuance tied to artificial intelligence initiatives.