Live Nasdaq Composite: Markets Poised to Lock in Weekly Gains Amid AI Earnings-Powered Cycle

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Retail Sales Drop, Bond Yields Hold Steady

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The consumer is growing weary of holding up the economy. Retail sales fell 0.6% in July versus expectations for a 0.1% gain, while core retail sales slipped 0.3% against forecasts for a 0.2% increase. The miss gives traders a fresh growth concern, even as softer demand could also keep pressure off the Fed.

The bond market was largely unmoved, with the 10-year Treasury yield rising less than 1 basis point to 4.645%.

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Nasdaq futures edged higher as Wall Street tried to extend a record-setting week. Nasdaq-100 futures rose 0.2%, while S&P 500 futures hovered just above the flatline. Dow futures slipped 67 points, or 0.1%, giving the morning tape a mixed feel on the heels of Thursday’s fresh high. The setup still leans constructive. The S&P 500 hit an intraday record of 7,816.70 yesterday and also finished at a closing high, helped by strength in technology and communication services.

For the week, the S&P 500 and Nasdaq Composite are both on track for a third straight advance, up 0.5% and 0.4%, respectively. The Dow is lagging with a 0.4% weekly decline. Earnings remain the main support: with more than 90% of S&P 500 companies reported, second-quarter profit growth is tracking around 50%, according to FactSet.

Here’s a look at where things stand as of pre-morning trading:

Dow Futures: 53,823 Down 0.21%
Nasdaq 100 Futures: 30,261 Up 0.24%
S&P Futures: 7,827 Up 0.06%

Market Movers

Reddit (NYSE: RDDT) shares are indicated higher now that the social-media platform will join the S&P 500. The move puts Reddit in line for index-fund demand as it replaces AvalonBay Communities (NYSE: AVB), which is being acquired by Equity Residential (NYSE: EQR). The pop comes after a rough year for RDDT stock, which had fallen nearly tkt% YTD amid concerns that AI tools could pull traffic away from Reddit’s message boards.

The S&P 500’s record push is not coming from AI alone. Old-school refiners have become surprise leaders, with Marathon Petroleum (NYSE: MPC) up 20% this week through Thursday and Valero Energy (NYSE: VLO) up 13.1%. The driver is margin expansion; disruptions tied to the Iran war and attacks on Russian energy infrastructure have tightened supplies of gasoline and diesel, sending refined-fuel prices higher faster than crude.

Tesla (Nasdaq: TSLA) is reportedly nearing a Roadster reveal as soon as this month, with The Information saying the company may include a new “flying stunt” in the debut. The concept gives Tesla a fresh product-cycle spark, though investors will still be watching whether the long-delayed Roadster can move from spectacle to production.

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