SNAP

U.S. economy starting to show cracks as 1Q GDP declined as a result of Trump’s economic policies. ADP payrolls missed, and many companies reducing or withdrawing forward guidance. $Snap(SNAP.US) cited economic headwinds in signaling weak 2Q advertising spend; $ETSY(ETSY.US) forecasted a challenging current quarter reflecting “ongoing external pressure on consumer discretionary spending.” Expect Fed Chair Powell to sound dovish after next week’s Fed meeting and hold int rates steady but signal a potential June cut.