Good afternoon and welcome to Markets Desk.
Equity markets are under modest pressure today as soft economic data weigh on sentiment. Retail sales and consumer confidence both came in weak, pushing the dollar index down four-tenths of a percent and trimming the odds of a September Fed rate hike to twenty-nine percent from thirty-five just a day earlier. Futures on the S&P and Nasdaq are both fractionally lower as traders reassess the growth outlook.
That dollar weakness connects directly to a broader macro flashpoint in the Persian Gulf. Iran claims the Strait of Hormuz is shut down, but the Trump administration is pushing back hard, saying nine million barrels a day are still moving through the chokepoint. The standoff is a test of leverage on both sides, and energy markets are watching every signal closely for any crack in that stalemate.
Elsewhere in the session, drone stocks are having a standout day. President Trump announced tariffs as high as one hundred percent on imported drones and drone components, and domestic manufacturers are surging on the news. Unusual Machines is leading the rally, a company that previously disclosed Donald Trump Junior as an adviser, adding a political dimension that traders are clearly pricing in.
That's the tape. Markets Desk, signing off the floor.
