Stock Market Today: Dow Steady After Surprise Retail Sales; Applied Materials Dives On Earnings (Live Coverage)

S&P 500 ends lower as investors weigh data, Middle East tensions

Applied Materials tumbled 5.1% despite beat and raise, signaling investor shift on AI chip equipment valuations; S&P 500 at 20x earnings reflects frothy pricing. Tech leaders should expect slower AI capex procurement cycles and renegotiate vendor contracts now.