Consumer Spending - Capital to Capitol

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Consumer Spending

A collection of 3 posts

Today is the halfway point of the 60-day Iran deal. The first half looked nothing like a peace process.

The US is sending refueling planes to Israel ahead of a possible escalation. Netflix missed on guidance. The IMF said global disinflation has stalled. Consumer sentiment jumped anyway. Friday closed a week that raised more questions than it answered.

Earnings Season

Delta absorbed the highest fuel bill in its history. It still beat earnings. That sentence tells you everything about where pricing power lives right now.

Delta beat estimates despite a $4.4 billion fuel quarter, raised full-year guidance, and hiked its dividend. The Fed released its monetary policy report. The Strait of Hormuz is still hot. And next Tuesday is the most important single day on the financial calendar since April.

Trump said the ceasefire was over at a NATO summit. Oil spiked 5%. Markets shrugged. That shrug is the story.

Overnight strikes in the Strait of Hormuz. PepsiCo missed earnings. Home sales fell. Chips bounced. The market absorbed all of it and finished green. Either investors know something, or they are pricing in a world that no longer exists.