US Consumer Spending Uncertainty Weighs on Wall Street

Wall Street's major indexes declined on August 17 as investors awaited quarterly reports from large retailers to gauge US consumer spending. The S&P 500 lost 0.52% to 7,745.06, while the Dow Jones Industrial Average fell 272.63 points or 0.51% to 53,459.78.

The energy sector was a rare gainer, rising 0.87% due to higher oil prices. Oil futures settled up over $2 per barrel as investors grew pessimistic about diplomatic efforts to resolve the Iran war, fueling global supply worries.

Investors were cautious ahead of reports from retailers such as Home Depot and Walmart, which are set to release their quarterly results on August 18 and 20 respectively. The market's tepid performance was attributed to summer doldrums and concerns about recent soft data.