Bonds & Stocks
A selloff in chipmakers dragged down stocks on concerns over whether massive artificial-intelligence investments will justify lofty valuations, with the market also falling as higher oil prices lifted bond yields. The S&P 500 fell 0.2%. The yield on 10-year Treasuries advanced four basis points to 4.58%.
Economy
US retail sales rose modestly in June, dragged down by a drop in gas station receipts that masked strong gains at some merchants. The value of retail purchases rose 0.2% in June after a revised 1% advance in May, Census Bureau data showed Thursday. The figures are not adjusted for inflation. Outside of gasoline stations, sales increased 0.7%.
World
The US intensified strikes against Iran, hitting an oil tanker near the country’s main export terminal for the first time since the restart of the blockade on the Islamic Republic’s ports.