🚨Stock Market Today: S&P 500 extends winning streak on signs of economic strength 📈

The S&P 500 continued its winning streak, closing higher for the sixth consecutive session as stronger-than-expected economic data helped allay recession concerns. Key reports showed U.S. retail sales increased by 1% in July, surpassing the 0.4% forecast and reflecting resilient consumer spending. This rise followed an unchanged reading in June and contributed to a 2.7% annual increase in retail sales.

Labor market data also supported positive sentiment, with new unemployment claims falling, suggesting ongoing stability. Additionally, softer consumer price index (CPI) and producer price index (PPI) figures this week hinted at easing inflation, which could lead to an interest rate cut in September.

In corporate news, Walmart's stock surged nearly 7% after reporting better-than-expected second-quarter earnings, driven by strong e-commerce growth and improved margins. Home Depot saw a 1% rise despite lowering its annual profit forecast and reporting a significant drop in comparable sales. Cisco Systems' stock rose over 5% following its strong fourth-quarter earnings and a new restructuring plan. Meanwhile, Ulta Beauty’s stock soared 11% after Berkshire Hathaway disclosed a new stake in the company, and Nike gained 5% after Bill Ackman’s Pershing Square revealed an investment in the retailer.

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