{"id":66837,"date":"2026-08-21T10:08:18","date_gmt":"2026-08-21T14:08:18","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-business-activity-hits-52-month-high-as-services-surge-walmart-adopts-contactless-payments\/66837\/"},"modified":"2026-08-21T10:08:18","modified_gmt":"2026-08-21T14:08:18","slug":"us-business-activity-hits-52-month-high-as-services-surge-walmart-adopts-contactless-payments","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-business-activity-hits-52-month-high-as-services-surge-walmart-adopts-contactless-payments\/66837\/","title":{"rendered":"US Business Activity Hits 52-Month High as Services Surge; Walmart Adopts Contactless Payments"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US Composite PMI surged to 56.0 in August<\/strong>, a 52-month high, driven by explosive growth in the services sector (56.8) which offset a cooling manufacturing sector (53.2).<\/li>\n<li><strong>Walmart (<a href=\"\/stock\/WMT\">WMT<\/a>) announced a major policy shift<\/strong>, confirming it will finally introduce &quot;Tap to Pay&quot; and Apple Pay support at select stores starting August 24, with a full US rollout by the end of 2026.<\/li>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>) is in advanced talks to invest hundreds of millions<\/strong> in power infrastructure startup Cloverleaf to secure electricity capacity for future AI data centers.<\/li>\n<li><strong>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) has paid $17 billion in back taxes to Ireland<\/strong> following a landmark European Court of Justice ruling regarding illegal state aid.<\/li>\n<li><strong>Canadian retail sales rose 0.6% in June<\/strong>, beating estimates of 0.4%, though advance estimates suggest a potential 0.8% decline in July.<\/li>\n<\/ul>\n<h2>US Private Sector Growth Hits Multi-Year Peak<\/h2>\n<p>The US economy showed significant momentum in August as the <strong>S&amp;P Global Composite PMI rose to 56.0<\/strong>, up from 54.5 in July. This acceleration was fueled almost entirely by the <strong>Services PMI, which jumped to 56.8<\/strong>, its highest level since late 2024. Economists noted that the service sector&#39;s resilience is helping the US economy track toward an annualized growth rate of nearly 3.0% for the third quarter.<\/p>\n<p>In contrast, the <strong>Manufacturing PMI dipped to 53.2<\/strong> from 53.9, hitting a five-month low. Factory activity was reportedly hampered by supply chain disruptions linked to geopolitical tensions in the Middle East and a slowdown in inventory building. Despite the manufacturing cooling, overall business optimism reached a nine-month high, supported by a revival in hiring across both sectors.<\/p>\n<h2>Walmart Breaks Decade-Long Holdout on Contactless Payments<\/h2>\n<p>In a move long-awaited by consumers, Walmart (<a href=\"\/stock\/WMT\">WMT<\/a>) and Sam&#39;s Club officially announced the introduction of <strong>Tap to Pay technology<\/strong>. Beginning August 24, select locations will begin accepting contactless payments, including Apple Pay, Google Pay, and contactless cards. The retail giant plans to complete the technology integration across all US stores by the end of 2026 and expand the service to its fuel stations by mid-2027.<\/p>\n<p>This shift marks the end of Walmart&#39;s exclusive reliance on its proprietary, QR-code-based <strong>Walmart Pay<\/strong> system in the United States. While the company will continue to promote its own app-based payment rail for its data-rich features, the addition of NFC-based payments aims to provide customers with more choice and convenience at checkout.<\/p>\n<h2>Nvidia Secures AI Infrastructure with Cloverleaf Deal<\/h2>\n<p><a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>) is reportedly nearing a deal to invest <strong>several hundred million dollars in Cloverleaf Infrastructure<\/strong>, a startup specializing in securing utility power agreements for data center sites. The investment highlights <a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a>&#39;s strategic shift toward securing the &quot;powered land&quot; necessary to house the massive GPU clusters required for next-generation AI. Cloverleaf has already sold projects totaling over 7 gigawatts to major developers, including those serving Oracle (<a href=\"\/stock\/ORCL\">ORCL<\/a>) and OpenAI.<\/p>\n<p>This move follows a broader trend of <a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> embedding itself deeper into the AI supply chain. Earlier this month, the company reportedly partnered with major Wall Street firms to establish a <strong>$500 billion financing package<\/strong> to fund the rapid expansion of AI infrastructure. By backing power developers years in advance, <a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> aims to ensure that its hardware sales are not bottlenecked by a lack of available electricity.<\/p>\n<h2>Global Market and Regulatory Developments<\/h2>\n<p>In Europe, Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) finalized a <strong>$17 billion tax payment to Ireland<\/strong>, settling a long-running dispute over back levies. The payment follows a 2024 court ruling that found the tech giant&#39;s tax arrangements in Ireland constituted illegal state aid. Despite the massive payout, which represents roughly 40% of Apple&#39;s global tax total for the year, the company continues to expand its European operations, recently overhauling its App Store fee structure to comply with local regulations.<\/p>\n<p>Meanwhile, North American trade relations remain in focus as the <strong>Canadian Trade Minister<\/strong> is scheduled to meet with U.S. Trade Representative Greer in Washington. The meeting comes as <strong>Canadian retail sales showed a 0.6% increase in June<\/strong>, reaching C$74.3 billion. While the June data surpassed expectations, Statistics Canada warned that preliminary figures for July suggest a contraction of 0.8%, potentially signaling a cooling of consumer demand in the third quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US Composite PMI surged to 56.0 in August, a 52-month high, driven by explosive growth in the services 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