Retail earnings, Fed rates, China: What investors learned

American shoppers remained cautious and preferred value trade-downs, as depicted in earnings for retailers Walmart (WMT) and Target (TGT). The interest rate debate as bond yields surge following the Fed's July FOMC meeting minutes. China undergoes a harsh economic slowdown with the nation's central bank cutting its interest rates.

Yahoo Finance Live's Brad Smith and Julie Hyman debrief on this week's top developments and how these earnings and economic narratives are presenting new pressures for consumers and investors alike.