Stocks (^DJI, ^IXIC, ^GSPC) are trading higher at Tuesday's market open, boosted by June's retail sales data and second-quarter earnings beats from Bank of America (BAC) and Morgan Stanley (MS). To shed light on what these figures reveal about consumer health, Miller Tabak managing director and equity strategist Matt Maley joins The Morning Brief.
Maley highlights the market's ongoing concern about consumer strength. He notes while markets want lower interest rates, such a decrease could be problematic if it signals an economic slowdown.
"It's one thing for interest rates to go down because inflation is coming down, but it's a whole nother thing if it's starting to show that we're headed toward a recession," Maley explains.
"I hate to say it, but things have been kind of trending in the wrong direction," Maley tells Yahoo Finance, citing rising interest rates, increasing credit card delinquencies, and mounting consumer debt as areas of concern.
As the second-quarter earnings season unfolds, Maley notes that the true test won't be whether companies surpass earnings expectations. Instead, he emphasizes the importance of future forecasts and guidance as more reliable indicators for the state of the consumer.
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