Oil Prices Fall as U.S. Crude Inventories Surge and Hormuz Tensions Persist 
Asian Currencies Edge Higher as Soft US Inflation Weighs on Dollar 
UK Economy Posts Surprise June Growth as World Cup and Hot Weather Lift Activity 
Trump Imposes New Tariffs on Drone Imports Over US Security Concerns 
China Automakers Accelerate Global Expansion as Domestic Car Sales Slump 
Asian Stocks Rise as AI Chip Rally Lifts South Korea, Japan 
US Dollar Slips as Weak Retail Sales Reduce Fed Rate Hike Bets 
Oil Prices Slide as OPEC, IEA Cut 2026 Demand Forecasts 
Strait of Hormuz Shipping Near Standstill After New Vessel Attacks 
KOSPI Rebounds 20% as Samsung, SK Hynix Lead South Korea Stock Rally 
US Dollar Holds Firm as Fed Outlook and Iran Tensions Keep Markets on Edge 
Gold Prices Slip From 10-Week High as Fed and Hormuz Risks Shape Outlook 
Asian Currencies Steady as Dollar Holds Firm After U.S. Inflation Data 
Asian Stocks Rally as Cooling US Inflation Boosts Fed Rate Outlook 
Gold Prices Slip From Two-Month High as Inflation and Fed Outlook Drive Markets 
US Dollar Slips as Softer PPI Data Eases Fed Rate Hike Expectations 
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The S&P 500 closed lower on Friday, retreating from its latest record high as weakness in AI-related stocks and disappointing U.S. retail sales weighed on investor sentiment.
The S&P 500 fell 0.17% to 7,785.76, while the Nasdaq Composite dropped 0.28% to 26,729.16. The Dow Jones Industrial Average declined 0.20% to 53,732.41. Despite Friday’s losses, the S&P 500 gained 0.4% for the week and the Nasdaq rose 0.1%, giving both indexes a third consecutive weekly advance.
Applied Materials shares tumbled 5.1% after the semiconductor equipment maker’s upbeat quarterly outlook failed to meet elevated investor expectations. The stock had doubled in 2026 amid surging demand for equipment supporting AI data center expansion. Other chip stocks also weakened, with Broadcom falling 5.9% and Intel losing about 2%, highlighting growing concerns over lofty AI stock valuations.
Geopolitical tensions provided additional pressure as traffic through the Strait of Hormuz slowed dramatically following attacks on two more ships. Oil prices climbed amid concerns over supply disruptions, helping the S&P 500 energy sector gain 1.4%.
Economic data also disappointed investors. July U.S. retail sales were weaker than expected, while the University of Michigan’s preliminary consumer sentiment index came in at 51 for August, below economists’ forecast of 54.5.
Markets nevertheless largely expect the Federal Reserve to keep interest rates unchanged at its September meeting. CME FedWatch data showed traders pricing in a 67% probability of no rate change and a 33% chance of an increase.
Elsewhere, Reddit shares surged nearly 13% after the company was selected to join the S&P 500 effective August 18. Workday fell 3.8% after soaring 18% a day earlier on reports of potential acquisition talks with Silver Lake.
Drone stocks also rallied after President Donald Trump announced plans for tariffs on imported drones and components, sending Red Cat up 8.8% and Unusual Machines about 25% higher.
