Wall Street opened Thursday with a split personality as the Dow edged higher while tech-heavy indexes slid, reflecting mounting unease over artificial intelligence stock prices and a slowdown in consumer spending growth. Main Developments About 15 minutes into trading, the Dow Jones Industrial Average rose 0.2 percent to 52,751.45. The S&P 500 fell 0.4 percent to 7,543.96, and the Nasdaq Composite dropped 0.8 percent to 26,051.43. US retail sales ticked up 0.2 percent month-on-month in June, matching analyst expectations but slowing sharply from May's 1.0 percent jump. Analysts noted that lower gasoline prices during the month still pointed to solid underlying consumer demand. Read also: 3 Key Takeaways from Tata Capital's $400M Dollar Bond Sale Background The second-quarter earnings season has begun with forecasts calling for profit growth exceeding 20 percent among S&P 500 companies. Jack Ablin of Cresset Capital said those high expectations, combined with already elevated AI valuations, are making markets uneasy. “Investors are trying to find their footing in AI,” Ablin said, capturing the tension between enthusiasm for artificial intelligence and fear that stocks have run too far ahead of fundamentals. Why It Matters AI-related stocks have driven much of the market's gains in 2026, and a sustained pullback could ripple across the broader index. Slower retail sales also raise questions about whether consumer strength can support corporate earnings in the months ahead. What's Next Markets will closely watch upcoming second-quarter earnings reports for signs that companies can deliver on their ambitious profit targets. Any disappointment could accelerate the selloff in overvalued AI names and pressure the S&P 500 and Nasdaq further.