Walmart saw its largest sales growth in 10 years in the second quarter of 2018, executives said in an earnings call Thursday. Boosting those sales numbers was strong U.S. e-commerce sales, which ballooned 40%, and growth in grocery sales. Walmart's stock jumped about 10% on the news, CNBC reports.

Why it matters: Walmart has heavily invested in efforts to take on Amazon in online shopping, including a recent redesign of its website, and this Q2 earnings report reveals that their investment may be paying off. The company's successful report is also a good sign for retailers after many prominent stocks — including Macy's, JCPenney, Nordstrom, and Kohl's — plummeted Wednesday after Macy's reported no sales growth in Q2.

American jeweler Tiffany & Co. will begin selling on Chinese e-commerce giant Alibaba's "Luxury Pavilion" platform on its Tmall app.

The big picture: Enticing foreign brands is part of Alibaba's broader strategy to become the "gateway to China" for companies, many of which have had limited success in China's massive market when trying to go it alone. Already this month, Alibaba has announced deals with Starbucks and Kroger.

Kroger is teaming up with Alibaba to sell groceries on the Chinese e-commerce giant's platform, the company announced Tuesday.

The big picture: The battle between American retailers is heating up overseas, with iconic U.S. brands all vying for massive — and rapidly growing — foreign markets. The Chinese market is the biggest of them all, and while few American companies have been able to crack it, many are partnering with China's domestic titans to try.