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WMT jumps AMZN!

Walmart (NYSE:WMT) plans to run its member-only Walmart+ shopping event earlier this year. Walmart+ will start on June 17 and run through June 23, which is three more days than last year.

The retail giant is also pushing up Walmart+ onthe calendar to land in a few weeks ahead of Amazon's (AMZN) Prime Day. Walmart (WMT) described the event as seven days of deep discounts on gas, travel, and more as it pushes beyond just marking down consumer products. The gas discount during Walmart+ Week includes $0.20 per gallon of fuel at Exxon & Mobil stations nationwide. Walmart (WMT) also plans to introduce its first-ever mystery offer on June 20.

The timing of the shopping events from Amazon (AMZN), Walmart (WMT), Target (TGT), Best Buy (BBY), Wayfair (W), and others has been enough to move the meter on U.S. retail sales reports if they are clustered within the same month. Amazon (AMZN) is anticipated to have its Prime Day event in July. Between the lines: Amazon has not announced a date for Prime Day 2024 but has said it will be in July.
 
June.

This was the month the Fed was supposed to move. According to me anyway. This was the month I predicted. Now everyone is saying maybe Sept... That would be a huge mistake. The time to cut rates is now.

According to the agency's second estimate of Q1 real gross domestic product (GDP) growth, the economy expandedat an annual rate of 1.3%, a lower figure than the first estimate of +1.6%. The revision was primarily due to a fall in consumer spending estimates.

The report also showed that the core personal consumption expenditures (PCE) price index - the Federal Reserve's preferred inflation gauge - was revised lower by 0.1 percentage points to +3.6% for Q1 2024.

The data came as a bit of a double-edged sword to traders following monetary policy. On the one hand, a larger-than-expected slowdown in the economy takes some pressure off the Fed and allows it some room to cut interest rates. On the other hand, it creates concerns about stagflation.

"The headline (GDP) slowing was not much of a surprise, the composition of the revisions was. The main culprit for the weaker read is consumer spending. Since the start of the Federal Reserve's rate hikes more than two years ago, consumers have demonstrated resilience that defied the lessons of prior cycles. The lagged effect of monetary policy is long and variable. Are policymakers at the Fed finally getting through to the consumer?" Wells Fargo's Tim Quinlan said.

"The continued resilience in services outlays is problematic for the Federal Reserve's efforts to bring down the inflation rate in the service sector. Until then, we can find corroborating evidence of a weakening backdrop for the consumer. Sentiment and confidence gauges have been iffy at best, consumers are lowering their saving rate to sustain spending and rising delinquencies point to a greater struggle for households," Quinlan added.

U.S. Treasury yields slipped after the GDP data, as the revision in economic growth sparked hopes for rate cuts and halted a bond sell-off. The longer-end 30-year yield (US30Y) was down 5 basis points to 4.68%, while the 10-year yield (US10Y) was down 6 basis points to 4.56%. The shorter-end more rate-sensitive 2-year yield (US2Y) was down 4 basis points to 4.94%.
 
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