S&P 500 Hits Record High Amid Inflation Data and Geopolitical Tensions

Global markets have stabilized in recent sessions as investors weigh retail sales figures and Middle Eastern geopolitical tensions. The S&P 500 marked a record high despite a decline in retail sales last month, according to data from the Commerce Department's Census Bureau.

The index posted a 0.6% drop compared to June's gains, but this has not deterred investors who are taking comfort from recent benign inflation data. This has eased immediate fears of a Federal Reserve rate hike, allowing the S&P 500 and Nasdaq to gain for a third consecutive week.

Applied Materials saw a 6% decline, while Reddit's inclusion in the S&P 500 propelled shares up over 11%. Tensions in the Middle East are elevating energy prices, with transit disruptions near the Strait of Hormuz adding to investor concerns.