Wall St subdued as markets pause after S&P record high; data, Mideast in focus

US equities traded without a clear direction on Friday as investors weighed economic figures and Middle East developments. The previous session had lifted the S&P 500 to an all-time peak, but mixed moves in chipmakers kept the broad market and the Nasdaq oscillating. Applied Materials slid 4% even though its revenue forecast for the fourth quarter topped analyst estimates.

Energy shares on the S&P 500 advanced 1.6 per cent, while miners and industrials each gained roughly 0.5 per cent. Commerce Department's Census Bureau figures showed July retail sales weaker than expected, and June's 0.2% increase was left unrevised. Sentiment readings also disappointed, with the University of Michigan's preliminary August index at 51 versus a Reuters poll expectation of 54.5.

Shipping through the Strait of Hormuz was reported to be almost halted after two more vessels came under attack, while Washington kept open the option of an indefinite naval blockade of Iran. Workday fell 4.4%, and a Reuters story from Thursday had said private equity group Silver Lake was holding discussions about buying the software maker. Reddit jumped close to 15% after it was chosen as a new S&P 500 member, effective August 18. Drone makers also rallied after Donald Trump said late Thursday he planned levies on incoming drones and their parts, with Red Cat up 7% and Unusual Machines climbing 14%.