Global markets are largely gliding higher at the start of another quiet summer week. Contracts tied to the Nasdaq‑100 and S&P 500 are advancing, and the S&P 500 hit an all‑time high last week as investors bet the Fed won’t raise interest rates in September. A note of caution came Friday when data showed sales growth at U.S. retailers unexpectedly fell last month.

Retailers including Target and Walmart will report earnings later this week, giving investors a chance to glean more detail ahead of the Fed’s July meeting minutes due Wednesday. Oil prices are little changed despite an apparent impasse in the Middle East, where the war has become about who blinks first under economic pressure. U.S. Treasury yields are slipping. Chinese stock markets closed with gains of over 1%, though new data later showed economic activity cooling in July.

Japan’s Nikkei also rose. There was little market reaction to President Trump’s comments that he would “substantially reduce” joint military exercises with South Korea, where the stock market is closed today. Overall, investors remain cautious as earnings season and policy signals shape the next moves.

The mixed data on retail sales and Chinese activity keep market participants on edge.