Wall Street is heading towards a muted start to the week, with U.S. equity futures indicating little change on Monday as investors balance softer economic data against persistent geopolitical and energy-market risks.
Technology could be one area of strength following a Bloomberg report that Anthropic (NASDAQ:ANTP) has told prospective investors its second-quarter revenue increased by at least 14 times year-on-year.
Documents seen by Bloomberg reportedly put preliminary Q2 revenue for the Claude developer at more than $11.5 billion, a substantial increase from $787 million in the corresponding quarter of 2025.
The figures could provide another boost to enthusiasm surrounding artificial intelligence companies, although broader market sentiment remains more cautious.
Softer data changes Fed outlook
Recent U.S. economic releases have weakened the case for the Federal Reserve to increase interest rates at its next meeting, providing some support for equities.
At the same time, investors are increasingly considering whether the same figures point to a more meaningful slowdown in economic activity.
The University of Michigan’s consumer sentiment index fell to 51.0 in August from 55.2 in July, considerably weaker than economists’ forecast of 54.2.
Retail sales delivered another disappointment. Commerce Department figures showed sales declining 0.6% in July after increasing 0.2% in June, compared with expectations for a 0.1% rise.
It was the first monthly decline since October 2025, when retail sales fell 0.2%.
While these readings have helped push back expectations for higher borrowing costs, they have simultaneously increased scrutiny of the health of the U.S. consumer.
Oil prices complicate the economic picture
Energy markets remain another source of uncertainty as the U.S.-Iran conflict continues.
U.S. crude futures advanced 0.7% to $83 a barrel after President Donald Trump threatened to bomb Oman during an interview with Fox News.
The comments came as Iran and Oman appeared to be moving towards an understanding concerning management of the Strait of Hormuz.
Persistently high crude prices risk creating a difficult combination for policymakers by adding inflationary pressure at a time when indicators of consumer activity are weakening.
Trump administration officials also indicated on Friday that economic measures could be used to pressure Iran into reopening the Strait of Hormuz, raising the prospect that disruption around the strategically important waterway could persist.
Major indices pull back after record run
Wall Street entered Monday following a modest decline in the previous session.
The Dow Jones Industrial Average lost 107.58 points, or 0.2%, on Friday to finish at 53,732.41. The Nasdaq declined 73.86 points, or 0.3%, to 26,729.16, while the S&P 500 dropped 13.23 points, or 0.2%, to 7,785.76.
For the full week, the Dow declined 0.6%, but the Nasdaq gained 0.1% and the S&P 500 advanced 0.4%.
Some of Friday’s weakness appeared to reflect investors locking in gains following a strong two-session advance.
The S&P 500 had climbed above 7,800 to establish a record intraday high on Thursday and also finished that session at an all-time closing peak. The Nasdaq, meanwhile, recorded its strongest close in more than two months.
Oil services and gold miners buck broader weakness
Despite Friday’s decline in the major benchmarks, several commodity-related sectors recorded sizeable gains.
Oil service companies rallied alongside crude prices, pushing the Philadelphia Oil Service Index 2.6% higher to its strongest closing level in well over two months.
Gold producers also benefited from rising bullion prices, with the NYSE Arca Gold Bugs Index advancing 2.2%.
Computer hardware stocks were another pocket of strength, contrasting with notable weakness across airlines, software companies and pharmaceutical shares.
Investors therefore enter Monday with several competing market drivers. Reduced expectations for a near-term Fed rate increase are supportive for risk assets, but weaker consumer indicators, elevated crude prices and uncertainty surrounding the U.S.-Iran conflict could prevent Wall Street from establishing a clear direction early in the week.