U.S. stock futures are mostly flat Friday after the S&P 500 closed at another record high. Cooling inflation and continued strength in AI and semiconductor stocks are supporting sentiment, while rising oil prices and Middle East tensions remain key risks. 📊 Market Snapshot Dow Futures: -0.17% S&P 500 Futures: +0.04% Nasdaq 100 Futures: +0.16% 10-Year Treasury Yield: 4.63% VIX: 14.54 Brent Crude: ~$87.50 Gold: ~$4,435 Bitcoin: ~$62,811 Dollar Index: ~95.87 🔥 Key Market Movers July Retail Sales: The key economic release today is due at 8:30 AM ET. Economists were expecting a 0.1% MoM increase, making the report an important test of consumer strength and the economic outlook. Consumer Sentiment: Preliminary August University of Michigan Consumer Sentiment is due at 10:00 AM ET, with inflation expectations also in focus. #RDDT: Shares jumped more than 10% premarket after Reddit was selected to join the S&P 500, replacing AvalonBay Communities. The change takes effect before the August 18 open. #AMAT: Shares fell roughly 5% premarket despite strong Q3 results and higher guidance, as investor expectations remained elevated. AI & Memory: #MU, #SNDK and #STX remain in focus as renewed strength in memory and data-storage stocks continues to support the broader AI infrastructure trade. Drone & Defense Stocks: #RCAT, #AVAV and #ONDS are in focus after the Trump administration announced tariffs targeting certain imported drones and components on national-security grounds. #INV: Shares plunged roughly 46% premarket after Innventure withdrew guidance for its Accelsius liquid-cooling business, putting pressure on part of the AI-infrastructure theme. Oil & Geopolitics: Brent crude is around $87–88 after reports of attacks involving tankers near the Strait of Hormuz. Higher oil prices could put renewed pressure on inflation expectations and complicate the Fed's policy outlook. 🎯 Market Theme Cautiously constructive but event-driven. Record highs, cooling inflation and continued AI/memory strength remain supportive for equities. However, Retail Sales, consumer sentiment, Treasury yields, oil prices and Middle East developments will be key drivers of today's market direction.