The Week Ahead: Walmart, Target and Home Depot Earnings Test Consumer Spending

TLDR

• Walmart, Target, Home Depot, and other major retailers report quarterly earnings this week
• Consumer sentiment fell in August despite two months of cooling inflation
• Retail sales dropped 0.6% month over month in July, missing expectations
• Markets now price roughly 70% odds the Fed holds rates steady in September
• AI data center spending could hit $1 trillion globally in 2026, but power and chip shortages are slowing build-outs

This week, Wall Street shifts focus from inflation data to the retail sector, with earnings from some of America’s biggest stores set to reveal how consumers are really holding up.

Walmart reports Thursday morning. The retail giant previously flagged that shoppers appear to be “navigating financial distress,” pointing to changes in gas-buying habits. The company cut prices in response and investors will be watching to see if that strategy is paying off.

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