Finance

The fixed-income market experienced a steep selloff, driving government bond yields noticeably higher. Notably, the 30-year U.S. Treasury yield surged past 5.3%, touching its highest point since June 2007 as energy-driven inflation anxieties reemerged.

Wall Street is preparing for a pivotal shift in focus toward the health of the American consumer as major retail heavyweights like Walmart, Target, and Home Depot prepare to report quarterly numbers. This arrives on the heels of an exceptionally strong second-quarter earnings season where more than 450 firms in the S&P 500 reported average profit growth exceeding 50% year-over-year.

Despite the overall downward movement across major indices, hardware and semiconductor equities saw concentrated pockets of strength. Memory chip designers and manufacturers like SanDisk posted notable gains, capturing strong investor interest even as broader communications and technology sectors experienced selling pressure.