Wall Street falls on retail caution, oil rises

On August 17, 2026, Wall Street's three major indexes finished lower as investors awaited quarterly reports from large retailers to gauge U.S. consumer spending. Petroleum prices rose more than $2 per barrel as diplomatic efforts to resolve the Iran war appeared no closer to a deal, supporting the energy sector. The Dow Jones Industrial Average fell 272.63 points (0.51%) to 53,459.78, the S&P 500 lost 40.70 points (0.52%) to 7,745.06, and the Nasdaq Composite dropped 84.25 points (0.31%) to 26,644.91. The energy index was the sole gainer among the S&P 500's 11 major sectors, while communications services and consumer staples fell about 1.5%. Technology stocks were mixed, with chip stocks rallying (PHLX semiconductor index up 1.6%) but software declining (S&P 500 Software and Services Index down 2.8%). Microsoft and Meta Platforms were the biggest drags, each falling over 3%, while Micron Technology and Applied Materials provided boosts. Investors were cautious due to weak July retail sales and jobs data, and awaited earnings from Home Depot and Walmart. Nvidia's results are due next week. Anthropic reportedly forecast 2028 revenue of $190-200 billion ahead of its IPO. Peter Thiel bought a 1% stake in Vista Energy, lifting its shares.