The S&P 500 fell just below the flat line on Friday after the S&P 500 gained 0.7% to end at 7,800 Thursday, breaking that milestone. U.S. retail sales dipped 0.6% in July to $763.6 billion, while a preliminary reading of August consumer sentiment from the University of Michigan's latest survey showed that Americans grew more dour on the economy.
→ Attention is turning to a series of retail earnings next week, including Target and Walmart, before Nvidia's highly anticipated report on August 28.
→ Technical support at 7,780 after yesterday's record close; watch for momentum into afternoon close.
→ The U.S. stated it can maintain its naval blockade of Iran indefinitely, with Treasury Secretary warning of impending economic measures; energy markets remain sensitive to Strait of Hormuz developments.