US Economic Growth Slows, Expectations for Rate Hikes Diminish

The US economy's growth is showing signs of slowing down, which has led to decreased expectations for Federal Reserve rate hikes in September. The Nasdaq futures have risen, and memory chip stocks have gained broadly. Gold prices have surpassed $4,400 per ounce, while the US dollar index has fallen for the third consecutive day.

The July retail sales data showed a larger decline than expected, with investors now speculating that the Federal Reserve may not raise interest rates as aggressively as thought. Kyle Rodda, Senior Analyst at Capital.com, stated: 'The biggest headwind facing the market remains geopolitical uncertainty, which continues to impact market sentiment.'

Despite concerns over the US economy and geopolitics, some sectors are performing well. The memory chip stocks, such as SanDisk, SK Hynix, Seagate Technology, Western Digital, and Micron Technology, have seen significant gains in pre-market trading.