Finance

Disappointing consumer spending reports pressured the broader markets as retail sales for July contracted by 0.6%. While the slowing activity reinforces the possibility of a paused rate cycle from the Federal Reserve, it simultaneously heightens concerns about a broader deceleration in domestic economic growth.

Tech-focused semiconductor firms and equipment manufacturers experienced selling pressure to end the week, with Broadcom dropping roughly 6% and Applied Materials falling over 5%. Despite strong demand for artificial intelligence infrastructure, high valuations and concerns regarding expansion funding models prompted investor caution.

Shares of the social media company climbed over 12% following the announcement of its scheduled inclusion in the benchmark S&P 500 index. This move generally sparks automatic institutional purchasing as index-tracking funds align their holdings with the revised composition.