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Geopolitics flare but gas prices becoming a silver lining

Total retail sales in July likely took a hit from falling gasoline prices, but those lower prices at the pump are likely to give consumers more spending power for back-to-school shopping in August.

Markets will be on the watch for Wednesday's key retail sales report, released at 8:30 a.m., since it will be a clear read on the consumer, responsible for driving nearly 70 percent of the economy. Another important report comes at 10:30 a.m. when the energy market gets weekly government data on oil and gasoline inventories.

Economists expect retail sales to rise 0.2 percent and up 0.3 percent for the control group, excluding gasoline, autos and building materials.