CNBC Daily Open: Live long and prosper

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Winning streak
Wall Street rallied as strong retail sales and labor data eased recession fears. The S&P 500 and Nasdaq Composite notched their sixth consecutive day of gains, rising 1.61% and 2.34% respectively, while the Dow Jones Industrial Average surged 554 points. All three indexes have recovered to their levels before the global stock market rout on Aug. 5. Meanwhile, the yield on the 10-year Treasury rose, while U.S. oil prices climbed 1.3% as recession fears eased.

Consumer health
Walmart's shares rose 6.5% after the discounter boosted its annual sales and profit forecasts and second-quarter results beat Wall Street estimates. While traders have been on the lookout for signs of economic weakness, CFO John David Rainey told CNBC Walmart has not seen a shift in consumer behavior. "We see, among our members and customers, that they remain choiceful, discerning, value-seeking, focusing on things like essentials rather than discretionary items, but importantly, we don't see any additional fraying of consumer health."

Retail sales
Consumer spending defied expectations in July, with retail sales jumping 1%, significantly higher than the 0.3% forecast. This positive momentum also extended to the labor market, with jobless claims falling to a four-month low, signaling a resilient economy amid easing inflation concerns. Initial unemployment benefit claims for the week ending Aug. 10 totaled 227,000, a decrease of 7,000 from the previous week and lower than the estimate for 235,000.

Renewed confidence