U.S. retail sales fell 0.6% in July from the prior month, far below market expectations for a 0.1% increase, stoking concerns about a slowing economy. After the data, the dollar weakened while the euro and sterling climbed to multi-month highs. Markets also pared back expectations for a Federal Reserve rate hike in September. Ongoing U.S.-Iran tensions continued to influence crude oil prices, and the yen swung on expectations around potential Bank of Japan tightening and intervention.

U.S. retail sales fell month on month in July for the first time in nearly nine months, with a larger decline than markets expected. Commerce Department data showed notable drops at nonstore retailers, in auto sales and at gasoline stations, as lower fuel prices and fading tax-refund effects weighed on spending. Food services posted modest gains, suggesting household finances remain relatively healthy. Combined with softer labor-market signals and subdued inflation, the report has led markets to expect the Federal Reserve to hold interest rates steady next month.

Gold has climbed about $400 since August, putting it on track for its best monthly performance this century amid economic uncertainty and geopolitical strain. Dovish signals from the Federal Reserve, softer U.S. jobs data and low inflation have reinforced bullion’s role as a haven. Geopolitical risks, including the U.S.-Iran conflict and uncertainty over U.S. President Trump’s options ahead of the midterms, have added to demand. Central banks accelerated purchases in the second quarter, with the World Gold Council reporting record buying.

On Thursday, a surge in technology shares pushed the S&P 500 to an intraday record, with the Nasdaq also climbing. Brent crude futures fell 2.2% on concerns about weak global demand and rising U.S. oil inventories, while ongoing Iran-U.S. tensions in the Strait of Hormuz continued to affect shipping. A lower-than-expected producer price inflation reading added to the risk-on mood. Shares of Microsoft, Nvidia and Apple rose, and financial and healthcare stocks also helped lift the Dow.

S&P 500 and Dow Jones Industrial Average futures pointed to a higher open on Thursday, supported by a drop in oil prices and a softer-than-expected producer price reading. Brent crude fell 2.2%, ending a six-day rally as investors weighed weaker global demand expectations against elevated U.S. inventories. U.S. July PPI rose 4.7% year on year versus estimates of 4.9%, lifting the implied odds of the Federal Reserve holding rates steady to 65%, according to futures pricing. The Nasdaq rebounded on AI-related earnings, while Cisco fell and Dell and HP rose.

Danish shipping group Maersk reported second-quarter operating profit above expectations, with EBITDA of $3.0 billion. That compared with the $2.12 billion median analyst forecast and $2.30 billion a year earlier. The company raised its full-year earnings guidance for a second time, citing strong demand in Asia and projecting about 4% growth in the global container market.

The S&P 500 and Nasdaq ended higher on Wednesday after strong quarterly results from AI infrastructure firms, led by CoreWeave. July U.S. CPI posted only modest growth, while gasoline prices fell for a second straight month, easing concerns about additional Federal Reserve rate hikes. Data center operators IREN and Applied Digital advanced alongside chipmakers Nvidia and Micron Technology. Strength across AI-linked names boosted broader technology shares.

U.S. annual CPI rose 3.4% in July, matching expectations, and traders put the odds of the Federal Reserve holding rates in September at 55%. Shares of AI infrastructure companies CoreWeave, IREN and Applied Digital climbed, while Super Micro Computer’s upbeat revenue outlook added momentum. The moves helped push both the S&P 500 and the Dow to record highs.

The Democratic Republic of Congo unexpectedly imposed an export ban on copper and cobalt concentrates, jolting global markets and pushing London Metal Exchange copper to a new high. The move comes even as Congo’s refined copper output remains robust, but its smelting capacity is limited and new smelters are still under construction. Similar bans in the past were blunted by waivers, yet the latest restriction intensifies competition in an already tight concentrates market as copper inventories keep falling. Goldman Sachs said the ban is unlikely to materially change the global balance, but markets remain highly sensitive to supply disruptions.