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Last Monday I suggested that McDonald’s (MCD) 2Q24 US Comps of -0.7% implied the economy was rolling over. However, one commenter on Stocktwits rightly pointed out that MCD is a barometer of the spending of the lower and lower-middle classes – and not so much the middle and upper class.

However, the opposite applies to AirBnB (ABNB) and their 2Q24 earnings and guidance suggest the middle and upper-middle classes are starting to feel the pain as well. ABNB 2Q24 Gross Bookings increased by only 11% and Revenue by 10.6% and the company guided 3Q24 revenue growth to only 9% at the midpoint of its guidance. The 3rd quarter is ABNB’s peak summer season with by far its highest annual quarterly revenue and earnings. ABNB bulls are being charged a cleaning fee in the after hours with the stock down 16%.

More By This Author:

UBER Continues To Crush
The Market Is Starting To Price In A Recession, The Magnificent 7 Are Played Out
MCD Earnings Suggest The Economy Is Rolling Over; Small Cap Summer Has Been Canceled