Wall Street Wavers Near Record High as July Retail Sales Miss and Hormuz Tensions Weigh
Updated
Updated · Detroit News · Aug 14
Wall Street Wavers Near Record High as July Retail Sales Miss and Hormuz Tensions Weigh
3 articles · Updated · Detroit News · Aug 14
Summary
At 10:05 a.m. ET, the S&P 500 edged up 0.11% to 7,807.65, the Nasdaq added 0.07% and the Dow slipped 0.04% in choppy trading a day after the S&P closed at a record high.
July retail sales came in weaker than expected and the University of Michigan’s preliminary August sentiment index fell to 51 from a 54.5 forecast, adding to caution even after benign inflation data earlier this week.
Middle East risks also pressured sentiment after two more ships were attacked, traffic through the Strait of Hormuz neared a standstill and the U.S. said it could maintain a naval blockade of Iran indefinitely.
Meta and Alphabet lifted communication services 0.5%, while energy stocks rose 1.6%; Applied Materials fell 4%, Workday lost 4.4%, and Reddit jumped nearly 15% after joining the S&P 500 effective Aug. 18.
Despite Friday’s pause, the S&P 500 and Nasdaq were still on track for a third straight weekly gain, their longest winning streak since early April.