No major US data releases but this week will feature a big test on consumer health

The article is a market commentary previewing a quiet US data calendar but highlighting a key week for assessing consumer strength through major retail earnings. Home Depot, Target, Lowe’s, TJX, and especially Walmart will report Q2 results, and investors will watch for signs of resilient spending, inflation fatigue, supply-chain costs, and inventory trends. The results are framed as important not only for retail and discretionary demand, but also for shaping expectations ahead of the Federal Reserve’s September meeting, especially after softer US retail sales data last week. The article suggests the earnings may not move markets dramatically on their own, but they could reinforce or challenge the narrative that US consumers are cooling after recent CPI, PPI, and retail sales reports.