Wall Street closed lower on Friday.
The S&P 500 index fell from its record high.
Amid pressure from chip stocks and weaker-than-expected U.S. economic data.
Applied Materials shares fell despite the company announcing a positive outlook for its quarterly results.
Shares of leading semiconductor companies, including Broadcom and Intel, also retreated as investors remained concerned about the high valuations of artificial intelligence-related companies.
In contrast, the energy sector rose, buoyed by higher oil prices.
This coincided with escalating tensions in the Strait of Hormuz and a decline in shipping traffic there.
Reddit shares also posted a strong gain after being selected to join the S&P 500 index effective August 18.
U.S. data showed an unexpected decline in retail sales in July, following a 0.2% increase in June.
The S&P 500 fell 0.17% to 7,785.58 points.
The Nasdaq also fell 0.28% to 26,729.16 points, and the Dow Jones fell 0.20% to 53,732.53 points.
Market forecasts indicate a 67% probability that the Federal Reserve will keep interest rates unchanged at its next meeting.
Read also:
