On Friday, the S&P 500 Index fell by 0.17%, the Dow Jones Industrial Average decreased by 0.20%, and the Nasdaq 100 Index declined by 0.13%, amid concerns over weak U.S. retail sales and consumer sentiment. Key data released showed that July retail sales dropped by 0.6%, significantly below expectations of a 0.1% increase, while the preliminary August consumer sentiment index from the University of Michigan fell to 51.0, a decline of 4.2 points.
Additionally, the likelihood of a Federal Reserve rate hike in September decreased to 32% from 35% earlier in the week. Inflation concerns persisted as the yield on the 10-year Treasury note rose to 4.682%, despite weak economic reports. The outlook for corporate earnings remained robust, with the S&P 500 projected to achieve nearly 32% earnings growth for Q2 2023, significantly surpassing initial projections of 23%.
In related market movements, September WTI crude oil prices increased by 1.42% following the attack on two Abu Dhabi oil vessels by Iran, while U.S. chip stocks faced downward pressure attributed to higher Treasury yields, despite a rally in South Korean tech stocks earlier this week.
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