Bob Iaccino breaks down the morning's market action, noting early losses in equities with Russell futures leading the decline. He covers the slight upward correction in Treasury yields and a modestly stronger U.S. dollar, alongside mixed metals and Bitcoin climbing back above the 71,000 level. Bob dives deep into this week's heavy slate of retail earnings from names like Home Depot, Lowe's, Target, and Walmart, which point to a resilient but highly selective consumer prioritizing value and necessities. He also explains why tomorrow's manufacturing PMI remains a critical cyclical indicator for traders despite its smaller share of the U.S. economy. Finally, he previews upcoming earnings and global economic data including Japan's CPI and U.K. retail sales.