US equity markets declined over the week as geopolitical tensions and a technology sector selloff weighed on investor sentiment, with gains from cooler-than-expected inflation data unable to fully offset the headwinds. The S&P 500 fell 1.5% over the week, pressured by a sharp decline in semiconductor stocks, after the emergence of a competitive Chinese artificial-intelligence model rekindled concerns about sustainability of AI-related capital spending. Treasury yields modestly declined over the week, as June consumer price data showed inflation cooling with CPI falling for the first time since 2020. US crude oil spiked upward on escalating US-Iran tensions raising fears of disruptions to oil flows through the Strait of Hormuz. Gold prices fell as inflation-driven safe-haven demand eased following the softer CPI print. June retail sales rose a modest 0.2% month-over-month, in line with expectations, though the headline figure was dragged down by a drop in gasoline-station receipts. Excluding gas, sales rose 0.7%, suggesting underlying consumer spending remained relatively resilient.