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On Friday, the major indices in the U.S. finished lower.
The S&P 500 slipped 13.23pts (-0.17%) to 7785.76.
The Nasdaq 100 fell 38.36pts (-0.13%) to 30046.141.
The Dow declined 107.58pts (-0.20%) to 53732.41.
On the sector front, the outperforming sectors were Energy (XLE), Utilities (XLU), and Materials (XLB), while Health Care (XLV), Technology (XLK), and Consumer Discretionary (XLY) underperformed the most.
Looking at the latest U.S. economic data, retail sales fell 0.6 per cent over one month in July, well below expectations for a 0.1 per cent increase and reversing a 0.2 per cent gain in June. Meanwhile, the preliminary University of Michigan Consumer Sentiment Index fell to 51.0 in August, below the 54.5 forecast and down from 55.2 in July.
U.S. Equity News:
Sandisk (SNDK), a flash memory and data storage company, rose 7.39% after its investor day outlined an ambitious multiyear growth plan, while JPMorgan initiated coverage with an Overweight rating and a $2,250 price target.
U.S. drone stocks, including Unusual Machines (UMAC) +25.04%, AeroVironment (AVAV) +1.78%, and Ondas (ONDS) +3.70%, traded higher Friday after President Donald Trump announced tariffs of up to 100% on imported drones and components, citing national security concerns.
Applied Materials (AMAT), a global leader in materials engineering solutions for the semiconductor industry, declined 5.12% on profit taking as its quarterly financial results failed to impress investors.
Reddit (RDDT), a social media platform, jumped 12.63% after it was announced that the company will join the S&P 500 Index on August 18.
Fox Corp. (FOXA), a media company, gained 5.49% after JPMorgan upgraded the stock to Overweight from Neutral.
Volatility & Commodities Snapshot:
The VIX index fell 0.38pt (-2.60%) to 14.25.
The U.S. 10-year yield declined 3.75 basis points to 4.688%.
In the commodities market, gold gained $23.50 (+0.54%) to $4,373.66, silver rose $0.23 (+0.35%) to $64.68, and WTI crude oil advanced $1.18 (+1.45%) to $82.43.
Europe Market Overview:
At the European close, the major indices in the region finished mixed.
Germany's DAX gained 140pts (+0.53%) to 26440.
France's CAC 40 declined 13pts (-0.16%) to 8636.
The U.K.'s FTSE 100 fell 22pts (-0.21%) to 10750.
On the economic front, euro-area GDP was confirmed to have expanded 0.4 per cent quarter-on-quarter in the second quarter, following a 0.2 per cent contraction in the first quarter. Separately, the trade deficit narrowed slightly to 8.6 billion euros in June from a revised 9.0 billion in May, but was considerably wider than the 2.2 billion deficit expected.
Foreign Exchange & Crypto Wrap:
The dollar index declined 0.32pt (-0.32%) to 99.645.
EUR/USD rose 40pips (+0.35%) to 1.1567.
GBP/USD advanced 50pips (+0.37%) to 1.3535.
USD/JPY fell 14pips (-0.09%) to 159.34.
USD/CHF dipped 4pips (-0.05%) to 0.8134.
AUD/USD rose 28pips (+0.40%) to 0.7082.
USD/CAD slipped 55pips (-0.39%) to 1.3875.
Finally, in the cryptocurrencies market, Bitcoin fell $496 (-0.78%) to $62,871, while Ethereum declined $6 (-0.34%) to $1,878.
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