U.S. Economist Stephen J. Guilfoyle spoke with the International Business Times about sentiment heading into this week’s retail earnings. Before the bell on Thursday, Wal-Mart Stores Inc. and Kohl's Corporation report quarterly results.

Wal-Mart Stores Inc. (WMT) is expected to report second quarter earnings of $1.25 per share on revenue of $118.74 billion, compared with earnings of $1.18 per share on revenue of $114.30 billion in the year-ago quarter, according to analysts polled by Reuters.

On Wednesday, Wal-Mart Stores Inc. edged down 0.46 percent to $76.50 in afternoon trade.

Kohl's Corporation (NYSE: KSS) is estimated to issue second quarter earnings of $1.06 per share on revenue of $4.31 billion, compared with earnings of $1.00 per share on revenue of $4.21 billion in the year-ago period, according to Reuters.

Shares of Kohl's Corporation fell 0.89 percent to $50.38 in afternoon trade.