Meta description: This week brings Home Depot, Target, Walmart, Lowe's, and TJX earnings, followed by the Fed's Jackson Hole conference and Nvidia's highly anticipated report on August 26. Here's what to watch.
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As previewed in our earlier retail earnings coverage, this week delivers the consumer spending stress test markets have been anticipating since Friday's disappointing retail sales data. With Home Depot, Target, Walmart, Lowe's, and TJX all reporting, plus the Fed's Jackson Hole conference and Nvidia's closely watched August 26 report on the horizon, this stretch carries genuine weight for
where markets head next.
Why retail earnings matter more than usual this week
These reports, generally covering the quarter that ended July 31, land directly after the Commerce Department's Friday data showing consumer spending unexpectedly dropped last month, and a shocking labor market loss reported the week before. Consumer discretionary remains one of only two of the eleven major S&P 500 sectors down for the year, weighed down by stubbornly high inflation and gasoline prices roughly $1 per gallon higher than before the Iran conflict began.
A market still near record highs despite the mixed data
Even with these consumer-spending concerns, the broader market backdrop remains constructive. The S&P 500 touched a record this week and three last week, and the Russell 2000's own record-setting run (covered in our companion post) suggests the rally has genuine breadth beneath the surface, even during what one analyst described as a "sleepy stretch of summer."
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This week's calendar at a glance
- Monday, August 17: Empire State Manufacturing Index (Aug
ust reading) - Tuesday, August 18: July housing starts and building permits, July industrial production, plus earnings from Home Depot, Baidu, and Toll Brothers
- Wednesday-Thursday: Target, TJX, Lowe's, and Walmart all report (covered in detail in our companion earnings previews)
Two major catalysts still ahead
Beyond this week's retail earnings, investors are already looking further out. The Federal Reserve's Jackson Hole conference later this month could offer meaningful clarity on the central bank's rate path, especially given the fading rate-hike bets we covered in our post on the dollar's recent weakness. And Nvidia's highly anticipated earnings report on August 26 — the week after this one — looms as arguably the single most important data point for the AI infrastructure debate that's defined markets all summer.
What investors should watch
- Whether this week's retail earnings confirm or contradict Friday's weak consumer spending data, our companion posts cover each report individually
- Consumer discretionary sector performance specifically, given it remains one of just two S&P sectors down for the year
- Any early signals ahead of Jackson Hole about the Fed's likely September policy stance
- Positioning ahead of Nvidia's August 26 report, given how central the stock has been to this summer's AI infrastructure narrative
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Bottom line
This week's retail earnings gauntlet arrives at a genuinely consequential moment — markets near record highs, but with real questions about consumer spending health still unresolved. With Jackson Hole and Nvidia's earnings both looming on the near horizon, how this week's retail results land could meaningfully shape sentiment heading into what's shaping up as an eventful back half of August.
This post is based on reporting from CNBC as of August 14-17, 2026. This content is for informational purposes only and does not constitute investment advice.
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