Retail sales slide more than expected in July as delta variant worries grow

Consumer spending, which drives roughly 70 percent of the U.S. economy, is a crucial component of the economic recovery. The disappointing July numbers sparked a Wall Street sell-off that slashed 282.12 points, or 0.8 percent, off the Dow Jones industrial average. The blue-chip index closed at 35,343.28. The S&P 500 and Nasdaq also traded lower, by 0.7 and 0.9 percent, respectively. The Dow and S&P 500 had set record highs Monday.