#$XLF

Rarely use Shah/Wayfair as pointers to health of consumers (and what does it say when best growth since 2020 for $AMZN of furniture is +9%), but note comments about strong sequential growth in Q2 as well as outsized growth in higher-end product. $W $WSM $RH $ETD $ARHS $XLY

Marriott US acceleration driven by luxury chains with revpar +9% on both corporate & high end leisure. But growth broadened to include economy hotels +4.4% as even cost conscious US travel is picking up. 💪 $MAR $HLT $ABNB $AXP $V $MA $XLY $XLF $XLI $BKNG

Starbucks US comp +8.1% best since Q2 2023. Importantly, in sign of brand revival, traffic +4.5%, level not seen consistently since early 2022 (which benefited from post Covid surge). Sales upside despite labor investment boosting US margin faster than expected $SBUX 💪

Marriott lifts revpar, profit guide on US upside. US accelerated to +4.7% revpar, on higher room rates, taking global revpar +3.4%, despite full Q of Middle East hit. Ex ME, overseas occupancy & rates up. Consumer, corporate demand both healthy $MAR $HLT $ABNB $BKNG $AXP $V $MA

As with Q1, the big banks already flagged spend acceleration but Visa confirms further pick up in spend in US, particularly marked in debit. Cross-border also faster by 100bp. Spend remains healthy overall. $V $MA $AXP $JPM $BAC $XLF $XLY

US credit card spend accelerated in June, with some giveback in July-to-date, although processed transactions remain steady. Cross-border volume remains very robust led by web, while travel spend also remains healthy at highest levels of Q. $V $MA $AXP $XLY $XLF $AMZN

As with Q1, the big banks already flagged spend acceleration but Visa confirms further pick up in spend in US, particularly marked in debit. Cross-border also faster by 100bp. Spend remains healthy overall. $V $MA $AXP $JPM $BAC $XLF $XLY