China Breaks Its Silence and Investors Celebrate a Looming Thaw
Beijing responds to U.S. overtures, boosting U.S. futures overnight
Highlights
• Beijing responds to U.S. overtures, boosting U.S. futures overnight
• April layoff announcements are three times the historical norm
• Earnings reports highlight the growing strain on low-end consumers
• Dominating bearish sentiment could provide additional fuel for this rally
Key Takeaways
• McDonald’s Sales Hit Pandemic Low: Amazon delivered negative guidance, and investors didn’t treat Apple’s stock too favorably after what looked to be a decent earnings release (save for China and tariff-induced costs). All this followed McDonald’s -3.6% YoY sales decline — the steepest since the height of the pandemic five years ago — which attests to escalating strain in the low-end consumer base (where visits to the fast-food giant plunged by nearly -10%).
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