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On today's episode of Morning Brief, Seana Smith and Brad Smith analyze the market open and cover some of the biggest stories of the trading day.

Stocks (^DJI, ^IXIC, ^GSPC) charged ahead at the market open, riding high on July's retail sales data and the most recent jobless claims print. Initial jobless claims for the week ending in August 10 ticked lower to 227,000, coming in below the estimated 235,000. This is the second week of declines for jobless claims, indicating a continued strength in the labor market. Meanwhile, July's retail sales rose 1%, soaring past estimates of a 0.4% increase. This comes as inflation continues to moderate, and signals overall resiliency in consumer spending.

As Wall Street breathed a sigh of relief, BMO Wealth Management US chief investment officer Yung-Yu Ma explains that there's a "very strong confluence of data now, along with Fed comments that they're ready to cut rates and stand ready to respond to labor market softness." Therefore, he argues that "the soft landing is firmly in place," and the stage has been set for growth acceleration into early 2025.

Walmart's (WMT) second quarter earnings also spoke to the consumer resiliency highlighted in July's retail sales data. The company beat expectations on both the top and bottom lines and raised its full-year sales and profit guidance. Walmart Chief Financial Officer John David Rainey says the consumer has remained consistent and is "hanging in there" despite uncertainty surrounding the election and geopolitical events.

Shares of Cisco Systems (CSCO) are climbing in the stock's biggest intraday gain since March of 2020. The company topped its fiscal fourth quarter earnings expectations and announced a 7% cut in its workforce as it shifts priorities. Cisco CFO Scott Herren notes that the AI, cybersecurity, cloud, and networking areas of the business are seeing the fastest growth, which Cisco is investing heavily into. As the company evolves, he sees security and networking becoming increasingly intertwined businesses as customers seek secure networks.

Brinker International (EAT), the parent company of restaurant chains Chili's and Maggiano's Little Italy, saw comparable sales jump 13.5% year-over-year, as reported in its fiscal fourth quarter earnings. The company attributes this feat to higher restaurant traffic and its increase in menu prices. Brinker International CEO and President Kevin Hochman explains: "We know things are tough out there, but we have this industry-leading value. And we've spent a lot of time in the last two years and a lot of investments on improving the experience. So that means making sure we have more labor in the restaurants, we've reduced our menu by over 22%, and we put also investments into facilities."

This post was written by Melanie Riehl