Read the full article on Traders' Insight.
Excerpt:
- April U.S. Retail Sales were below estimates, but other macro data show decent spending trends
- After issuing preliminary earnings reports in May, Victoria’s Secret and GameStop hint at differing consumer vibes
- The two firms also host shareholder meetings next week, potentially drawing further volatility
It’s hard to paint the American consumer using one broad brush. Upper-end households seem to be doing fine, helped by strong stock prices and rising real estate values. And while low-end workers benefit from robust real wage gains at the moment, along with a low unemployment rate, inflation continues to bite, new $5 value meals notwithstanding. Overall, The Conference Board reported last week that 69% of U.S. consumers believe it’s likely that a recession will hit over the next 12 months.
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