August retail sales outperform estimates, survey: 79% of investors are pricing in a soft landing scenario

August retail sales outdid Wall Street estimates, rising by 0.1% month-over-month against expectations to drop by 0.2%.

According to a Bank of America fund managers survey, 79% of investors are pricing in a soft landing scenario as the Federal Reserve readies to cut interest rates at its September meeting this week.

Intel (INTC) shares move higher on the news the semiconductor company plans to spin off its foundry business into an independent subsidiary.