A surprise surge in hiring and rising Treasury yields have pressured Wall Street, shifting the Federal Reserve's focus toward upcoming inflation data for its September 16 policy meeting.

As S&P 500 earnings are projected to climb 29%, artificial intelligence spending is dividing market sentiment across tech stocks, hardware valuations, and luxury retail.

Financial markets saw equities climb and oil prices retreat as investors assessed the impact of the US-Iran conflict and Strait of Hormuz transit constraints.