Consumer enthusiasm for holiday shopping falls

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Despite the upcoming holiday season, consumer enthusiasm for retail deals is dwindling, warns former Walmart U.S. CEO Bill Simon. Amid a storm of economic challenges, from inflation to global tensions around Israel, shoppers are becoming increasingly cautious. As giants like Amazon, Walmart, and Target race to kickstart holiday sales, Simon notes a subtle shift: percentage-based discounts are overtaking specific dollar deals, hinting at inflationary pressures. This wary consumer sentiment, coupled with the recent decline in stock values of major retailers, paints a challenging picture for the upcoming festive season. However, Simon sees a silver lining for Walmart, as its food business might just give it an edge.

2. Pepsi started the earnings season with a splash on Tuesday, surpassing analysts' projections and elevating its year-end forecast. The beverage giant posted an earnings per share (EPS) of $2.25, outpacing the anticipated $2.15. Their revenue also exceeded expectations, registering $23.45 billion against the predicted $23.39 billion. Notably, Pepsi has upped its 2023 forecast for constant currency EPS growth to 13%, a jump from its earlier 12% estimate. This adjustment signifies the third consecutive quarter that the snack and drink powerhouse has enhanced its yearly projection.

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4. Headlines

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