Gold Plunges 4% as Treasury Yields Surge and Fed Rate Hike Bets Rise 
Oil Prices Slide as Middle East Flows Recover 
US Alcohol Ban Exposes Canada’s Internal Trade Barriers 
Fed’s Williams Signals One More Rate Hike Before Year-End 
UK Housebuilder Stocks Surge on New First-Time Buyer Loan Scheme 
U.S. Stock Futures Steady as AI, Rate Concerns Weigh 
Asian Stocks Fall as Oil Surge, Bond Yields and AI Concerns Hit Markets 
Asian Stocks Rise as Bond Yields Ease Ahead of U.S. Inflation Data 
Gold Rebounds as Oil Falls and Treasury Rout Eases 
BlackRock’s Rick Rieder Favors Bonds Over Stocks as Treasury Yields Surge 
Dollar Eases Near Two-Month High as Yen Rebounds 
US Dollar Hits Two-Month High as Aussie, Pound Slide 
Gold Holds Near Seven-Week Low as Fed Rate Hike Bets Rise 
China Cuts Tariffs on U.S. Farm Goods but Excludes Soybeans 
Asian Currencies Weaken as Dollar, Oil Prices Rise 
BOJ Signals Faster Rate Hikes as Inflation Risks Grow 
Gold Prices Slip as High Treasury Yields Weigh on Bullion 
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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.
