Good morning! Here's the latest in trending:

Debt problem: Bond vigilantes are stirring, but don't press the panic button yet.

Reduced drills: S. Korea president says country must brace for worst-case scenario.

Huge opportunity: Nestlé (NSRGY) plans products tailored to GLP-1 drug users.

Earnings this week are covering the retail sector, providing a health check of U.S. consumer spending that makes up the majority of GDP. Things are especially on watch this time around, given elevated borrowing costs, deteriorating sentiment, weak job numbers, and a slowing labor participation rate. While many of the earnings are company-specific, the developments will give investors a sharper view of the trends driving the real economy.

Snapshot: Home Depot (HD) and Lowe's (LOW) report early in the week, with the home-improvement heavyweights shedding light on discretionary spending. Next up, TJX Companies (TJX) and Ross Stores (ROST) will show whether value-conscious shoppers are shifting their behavior. Closing out the week are results from Target (TGT) and BJ's Wholesale Club (BJ), as well as Walmart (WMT), which is the largest private employer in the country and the ultimate bellwether for everyday household consumption.

It's a big deal, as U.S. retail sales just posted their steepest drop in nearly a year. While there were some one-off comparisons, like an earlier Amazon Prime Day (AMZN) and the World Cup games, underlying metrics were still noticeably weak. It makes this week's earnings all the more important, clarifying whether consumers are taking a breather following strong spending in the first half of the year or signaling a deeper economic pullback.

Zooming out: "Market conditions remain broadly risk-on, with major indexes near or at new highs, improving breadth, momentum and volume, low volatility, strength across U.S. and foreign equities, and favorable seasonal trends through the end of August," SA Analyst MarketGauge writes in Retail Companies On The Hotseat This Week. "Some caution remains beneath the surface, including weak retail, potential resistance in semiconductors and regional banks, falling long-term bonds, a softer dollar and continued strength in gold that is keeping the broader risk gauges neutral."

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Broadcom: VMware-Driven Sell-Off Is A Buying Opportunity

Micron: Strong Buy As KOSPI Fear Looks Overdone

S&P 500 May Be Heading For A Major Volatility Shift This Week

WSB survey results: Make the cost of small change lower.

Raytheon (RTX) wins $22.9B contract for Tomahawk missiles.

L3Harris (LHX) falls after CEO Christopher Kubasik resigns.

Nasdaq (NDAQ) sets launch date for 23-hour trading schedule.

Tesla (TSLA) advances testing of its Cybercab robotaxi model.

NASA picks Blue Origin, Firefly (FLY) for spacecraft contract.

Energy secretary eyes more fuel production to lower pump prices.

Anthropic's (ANTHRO) annual revenue run rate set to top $65B.

Meta's (META) federal trial over child safety allegations begins.

What 70 years of boom and bust can teach us about AI's future.

In Asia, Japan -2.5%. Hong Kong +0.1%. China +0.2%. India -0.6%.
In Europe, at midday, London +0.1%. Paris -0.4%. Frankfurt -0.4%.
Futures at 6:30, Dow flat. S&P -0.5%. Nasdaq -1.3%. Crude +0.6% to $84.28. Gold -0.6% to $4,446.10. Bitcoin +1% to $64,136.
Ten-year Treasury Yield +1 bp to 4.74%.

Companies reporting today include Home Depot (HD) and Baidu (BIDU).

See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.