US stocks mixed after weak retail sales data, Reddit jumps 14.7%, Middle East in focus | Stock Market News

US stock markets traded mixed on Friday, a day after the S&P 500 ended at a record high, as investors weighed weaker-than-expected retail sales data and monitored the latest developments in the Middle East.

As of 10:30 a.m. Eastern Time, the S&P 500 was virtually unchanged, the Dow Jones Industrial Average was down less than 0.1%, and the Nasdaq Composite was 0.2% lower.

At the open, the Dow Jones Industrial Average rose 2.8 points, or 0.01%, to 53842.8. The S&P 500 rose 7.6 points, or 0.10%, to 7806.6​, while the Nasdaq Composite rose 48.1 points, or 0.18%, to 26851.148.

US retail sales declined 0.6% in July from the previous month to $763.6 billion, falling significantly short of economists' expectations. The disappointing figures raised concerns about the strength of consumer spending and the broader outlook for the US economy.

However, analysts pointed to several factors that may have contributed to the decline. Lower gasoline prices compared with June reduced spending at gas stations, while Amazon's decision to move its Prime Day discount event to June may have encouraged some consumers to bring forward purchases.

In the energy market, oil prices remained relatively stable after experiencing sharp swings in recent sessions. Investors continued to assess uncertainty surrounding a potential Hormuz agreement, while tensions between the US and Iran added to concerns about the outlook for global crude supplies.

Brent crude futures rose 0.64% to $87.62 a barrel.

In the US bond market, Treasury yields moved higher. The yield on the benchmark 10-year Treasury note climbed to 4.65%, compared with 4.63% at Thursday's close.

Reddit shares jumped 14.7% after the company learned that its stock will be added to the S&P 500 index.

Shares of Applied Materials declined 4% despite the semiconductor equipment maker reporting quarterly revenue and profit that exceeded analysts' expectations.

Gold prices surged on Friday, buoyed by a weaker US dollar after in-line inflation readings this week.

By 9:09 a.m. EDT (1309 GMT), spot gold gained 0.6% to $4,376.02 per ounce. US gold futures rose 0.3% to $4,433.90.

In other metals, spot silver climbed 1% to $65.08 per ounce, platinum gained 0.9% to $1,733.34, and palladium rose 0.9% to $1,318.50.

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