The week beginning August 17, 2026, brings a combination of major corporate earnings and important macroeconomic releases that could influence equity markets, bond yields and currency markets. For investors in Israel and globally, the focus will be on whether corporate results continue to support elevated valuations while inflation and central-bank signals provide a clearer picture of the interest-rate path.

Retail Earnings Put the U.S. Consumer Under the Microscope

The U.S. earnings calendar is particularly important this week because several major retailers are reporting. Home Depot reports before Tuesday’s open, followed by Target and TJX Companies before Wednesday’s open, Lowe’s and Walmart before Thursday’s open, and Ross Stores after Thursday’s close. Together, these companies offer a broad view of housing-related spending, general merchandise demand, value-oriented consumption and the health of the American consumer.

Walmart is especially important because of its scale across income groups and its exposure to everyday consumer spending. Home Depot and Lowe’s can provide additional evidence on housing activity and household willingness to spend on larger projects, while Target and TJX can offer clues about discretionary demand and consumer trading patterns.

Investors will also be watching margins, inventory levels, pricing trends and management guidance. Strong revenue growth accompanied by resilient margins could reinforce expectations for a relatively healthy U.S. economy. Conversely, cautious guidance or evidence of more price-sensitive consumers could increase concerns about slowing demand later in the year.

Technology, Semiconductors and Chinese Companies Add Another Layer

The earnings calendar extends well beyond retail. Analog Devices reports before Wednesday’s open, while a number of technology and technology-related companies are scheduled throughout the week. Key names include XP Inc., Fabrinet, Keysight Technologies, Baidu, Alibaba, NetEase, Futu, KEYS and other companies exposed to technology, digital infrastructure and global investment trends.

Baidu reports before Tuesday’s open, while Alibaba and NetEase are scheduled for Thursday. Their results will be closely watched for indications of Chinese consumer activity, artificial-intelligence investment, advertising demand, cloud growth and the broader trajectory of China’s technology sector.

Semiconductor and industrial technology exposure is also significant. Analog Devices and Fabrinet can provide useful signals about demand across electronics and communications supply chains. Investors will be looking beyond headline earnings to order trends, capital expenditure expectations and management commentary about global demand.

The calendar also includes several financial and fintech names, including Klarna, XP Inc. and Futu. Their results may provide additional information about consumer credit, trading activity and financial-market participation at a time when investors remain highly sensitive to interest rates.

Inflation Data and Japan’s GDP Shape the Macro Picture

The macroeconomic calendar begins with Japan’s second-quarter GDP data, which showed quarterly growth of 0.3%, below the 0.5% forecast and previous reading of 0.5%. The weaker result could complicate expectations surrounding Japanese monetary policy and the outlook for the yen, particularly as markets continue to assess the Bank of Japan’s normalization path.

Wednesday brings inflation readings from the U.K. and eurozone. U.K. CPI is expected at 2.5%, compared with 2.6% previously, while eurozone CPI is forecast at 2.9%, unchanged from the prior reading. Any meaningful deviation from expectations could influence European bond yields and expectations for future policy decisions from the Bank of England and European Central Bank.

For global investors, these figures are important because inflation remains one of the principal variables determining how quickly major central banks can ease monetary policy. Softer inflation could support bonds and rate-sensitive equities, while renewed price pressure could keep yields elevated.

Federal Reserve Minutes and U.S. Data Take Center Stage

The most closely watched U.S. macro event comes Thursday with the release of the Federal Open Market Committee meeting minutes. Investors will examine the discussion for clues about the balance of views among policymakers and the conditions that could influence future interest-rate decisions.

The minutes arrive alongside the Philadelphia Fed Manufacturing Index, expected at 24.3 versus 41.4 previously, and initial jobless claims, forecast at 210,000 compared with 209,000 previously. Together, these indicators will help investors assess whether U.S. economic momentum is cooling without deteriorating sharply.

Friday’s preliminary S&P Global PMI readings will provide another timely snapshot. Manufacturing PMI is forecast at 54.0, up from 53.9, while services PMI is expected at 53.9, down from 54.6. The combination will be important because services remain a major driver of the U.S. economy, while manufacturing provides a window into industrial demand and business activity.

What Investors Should Watch Next

The week could produce several potential market catalysts at once: corporate guidance from major retailers, inflation data from Europe, evidence of changing economic momentum in Japan and the U.S., and fresh insight into Federal Reserve policy through the FOMC minutes. For Israeli investors with exposure to U.S., European and Asian markets, the interaction between earnings resilience and interest-rate expectations will likely be more important than any single data point. Strong corporate results could continue supporting equities, but elevated valuations leave markets vulnerable to disappointing guidance or a renewed rise in bond yields. Going forward, investors should focus on whether inflation continues to moderate, whether the U.S. consumer remains resilient and whether central-bank policymakers see enough economic weakness to justify further monetary easing.