This week brings some key business events and economic indicators to watch out for. On Tuesday, the Conference Board will release its monthly index of U.S. consumer confidence. Economists anticipate that the August reading will show an increase to 101.8. A reading of 90 or higher signifies a robust economy. This index is crucial in understanding how consumers are dealing with inflation and their overall economic outlook.

Economic growth will be in focus on Thursday when the Commerce Department provides an updated estimate of second-quarter U.S. economic growth. Analysts predict that the economy expanded at a 2.8% seasonally adjusted annual pace from April to June, following a slower 1.4% growth rate in the first quarter.

Furthermore, the Commerce Department will issue its latest assessment of consumer spending and inflation on Friday. Experts forecast a 2.5% year-over-year inflation increase in July. This report is of great interest to the Federal Reserve, which has recently raised interest rates to combat historic inflation levels. The central bank aims to reduce inflation back to its target of 2%.