S 500 Declines as U.S. Consumer Spending Weakens and Sentiment Drops
The U.S. stock market experienced a downturn, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all declining after initially hovering near the flatline. This market dip was primarily triggered by two significant economic reports indicating a weakening U.S. consumer. Retail sales in July dropped by 0.6%, marking the first decline in nine months and the largest in 14, significantly missing economists' forecasts for a 0.1% gain. Core retail sales, which are a key component of GDP's consumer spending, also fell by 0.4% against expectations of a 0.3% increase. Concurrently, the University of Michigan's preliminary consumer sentiment index for August registered 51.0, falling short of the 54.5 consensus and lower than July's 55.2. Adding to concerns, one-year inflation expectations within this report ticked up to 4.3%. The technology sector, particularly chip stocks, bore the brunt of the market's decline, with Broadcom falling 5.6% and Applied Materials dropping 4%, acting as major drags on b... 
