That bifurcated consumer as well as with tech spend

I'll start first with company earnings comments ahead of the slew of data today.

From JM Smucker:

“consumers continue to be selective in their spending, largely driven by inflationary pressures and diminished discretionary income, causing the sweet baked goods category to recover slower than we have anticipated. These trends are causing a reduction in all channels, inclusive of convenience.”

From Burlington Stores, the off price retailer:

Comps rose 1% and "was impacted by significantly warmer temperatures than last year. After stripping out the impact of these warmer temperatures, our underlying comp store sales growth was very healthy...Many shoppers still think of us as Burlington Coat Factory. In October, our cold weather businesses represent almost a quarter of our sales. This is significantly higher than our peers."

From Nordstrom, where has both a higher income focused chain and one with bargains:

Both Nordstrom and Nordstrom Rack reported 4% comp gains. "While we continue to be pleased with our year-to-date results, the external environment remains uncertain...we did experience softness in sales that started around the end of October. We also have a shorter holiday season by five days this year...When considering the puts and takes and appreciating that we typically realize about 30% of the full year's net sales and approximately 40% of our annual EBIT in the 4^th quarter, we believe it is prudent to remain appropriately cautious with our outlook."

On their consumer, "We saw good health for our customer across both banners and across income cohorts. We saw improved spend across all income cohorts. Healthiest gains were in our higher income group. As far as the Q4 slowdown, we really don't have a lot of information on that. It's a couple weeks into the quarter, and we just thought the prudent thing would be to share what we saw, which is a decline in trend there, but too early to pull that apart."