S&P Falls Amid Retail Data and Middle East Issues

On Friday, the S&P 500 index declined due to a drop in Applied Materials' stock, despite strong demand for AI-related chip equipment, as their quarterly results failed to convince investors. Shares of chip manufacturers such as Broadcom and Intel were also affected amid concerns over rising valuations of AI stocks. Additionally, a decline in US retail sales in July put downward pressure on the market, with expectations that the Federal Reserve will keep interest rates steady at its upcoming meeting, with a 67% probability of remaining unchanged.

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