Retailers Face Perfect Storm as US Consumer Sentiment Plunges

Major retailers are set to report their second-quarter earnings this week, amidst concerns about the state of the US consumer. The Commerce Department revealed that Americans unexpectedly pulled back on retail spending in July by the biggest amount in more than a year.

The S&P 500 edged 0.1% higher, while Dow Jones Industrial Average futures slipped 0.2%. Nasdaq futures gained 0.5%. Walmart and Target, along with Home Depot and Lowe's, will release their quarterly earnings this week.

Target has seen a surge in performance under new CEO Michael Fiddelke, a 20-year company veteran who took over in February.