July Retail Sales Fall 0.6%; Nobody Really Cares; Stocks Look to Close Out Week Split: Dow Down, NASDAQ, S&P Higher

With the CPI and PPI as the only large market-moving events of the week, the overall pace and sentiment was rather dull. After all, it is August and most people would rather be yachting, beaching at the Hamptons, or playing the ponies at Saratoga than chasing stocks and options.

Of course, that didn't stop President Trump from "truthing" about the Iranians and how the U.S. controls the Strait of Hormuz (who writes this stuff?), but even with that, oil managed to stay within recent ranges, with WTI crude futures holding around $81/barrel prior to Friday's open.

With one last day of trading to close out the week, the Dow is down 196 points through Thursday's close; the NASDAQ has gained just 112 points, and the S&P shows a 41-point gain, not much to boast about. Gold and silver are up marginally.

As far as earnings are concerned, Applied Materials (AMAT) reported second quarter results after the bell Thursday, and despite small beats top and bottom line, the stock is selling off to the tune of about six percent in the pre-market. With the run-up in stocks over the past six to eight months (AMAT is up 108% year-to-date), it's not surprising that there's a spate of profit-taking in the works.

July retail sales dropped by 0.6% month-on-month, but are still up five percent on the year (think: inflation). Other than the AI capex explosion, the U.S. economy is running at stall speed, which is OK, because the warfare-welfare state is working perfectly as designed. Just about everybody will eventually be on the dole.

The Shiller PE closed yesterday at 42.65, still the second-highest reading ever, and poised to set a record within months. Total U.S. government debt at the federal level is now beyond $39.9 trillion, so by the time congress reconvenes after Labor Day they can start getting to work on a $40 trillion debt load and and interest payments over $1.1 trillion. Pigs may fly also.

Stock futures are wavering heading toward the bell. Dow futures are down 64 points. NASDAQ futures are up 82, and S&P futures are up six points. There's very little in the way of commitment.

At the Close, Thursday, August 13, 2026:
Dow: 53,839.99, +69.72 (+0.13%)
NASDAQ: 26,803.03, +214.54 (+0.81%)
S&P 500: 7,798.99, +50.49 (+0.65%)
NYSE Composite: 24,809.65, +51.03 (+0.21%)