Retailers' Earnings Reports to Shed Light on Consumer Spending Amid Inflation

Wall Street investors are eagerly awaiting earnings reports from top retailers this week, which will provide crucial insights into consumer spending and the housing market.

The reports come on the heels of stubbornly high inflation rates above 3%, fueled by the ongoing US-Iran conflict and resulting surge in oil prices.

Home Depot's results are expected to shed light on the housing market, while Target and Walmart will offer a glimpse into household budgeting and spending habits.

The Federal Reserve is also set to release minutes from its July meeting, which saw three officials dissent in favor of higher interest rates.