Uploaded May 2026 | Updated September 2026, 2 weeks ago
In this week's episode of WSJ’s Take On the Week, co-hosts Miriam Gottfried and Telis Demos analyze the K-shaped economy, contrasting flourishing corporate capital expenditures—driven by massive AI investment from companies like Nvidia—with the struggling consumer economy. They discuss Nvidia's risks ahead of its earnings this upcoming week, including rising chip costs and the troubles of its key customer OpenAI. The discussion shifts to soaring wholesale prices rising faster than consumer prices all while pressuring corporate margins. They also look ahead to earnings reports from retailers Target and Walmart, and preview earnings for Home Depot and Lowe's, which face headwinds from high mortgage rates and a muted spring housing market.
After the break, Adam Josephson, founder of consumer-focused research company Sakonnet Research, joins the show to explain the disconnect between Wall Street and Main Street. He argues that a buoyant financial economy, where large banks are seeing asset growth from lending to hedge funds and private credit, is masking a deeper consumer weakness. Josephson discusses the gap between corporate earnings and everyone else. He says that while real average weekly earnings have seen little growth, corporate profit margins are at all-time highs. He details how this economic pressure on the consumer is reflected in falling box shipments, the rise of discount retailers, and the growing share of spending on healthcare. He warns that the market is being propped up by excessive financial leverage, and suggests ways investors can think defensively.
Chapters:
1:08 Nvidia Earnings Preview
4:54 Retailers & Rising Prices
6:01 Consumer Spending Squeeze
6:48 Housing Market & Home Improvement
8:31 Winners & Losers in Retail
10:42 Industrial vs. Consumer Economy
12:36 Why CapEx Doesn't Help Consumers
14:27 Wages & the Labor Market
16:41 What Packaging Tells Us About The Economy
17:39 Walmart & Discount Retailers
21:08 The Wealth Gap & Stock Ownership
21:58 Healthcare & Drug Sales
24:05 Banks Lending to Wall Street
27:28 Financial Leverage & Risk
28:20 Defensive Plays For Today’s Market
This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.
Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.
#WSJ #Walmart #Target
In this week's episode of WSJ’s Take On the Week, co-hosts Miriam Gottfried and Telis Demos analyze the K-shaped economy, contrasting flourishing corporate capital expenditures—driven by massive AI investment from companies like Nvidia—with the struggling consumer economy. They discuss Nvidia's risks ahead of its earnings this upcoming week, including rising chip costs and the troubles of its key customer OpenAI. The discussion shifts to soaring wholesale prices rising faster than consumer prices all while pressuring corporate margins. They also look ahead to earnings reports from retailers Target and Walmart, and preview earnings for Home Depot and Lowe's, which face headwinds from high mortgage rates and a muted spring housing market.
After the break, Adam Josephson, founder of consumer-focused research company Sakonnet Research, joins the show to explain the disconnect between Wall Street and Main Street. He argues that a buoyant financial economy, where large banks are seeing asset growth from lending to hedge funds and private credit, is masking a deeper consumer weakness. Josephson discusses the gap between corporate earnings and everyone else. He says that while real average weekly earnings have seen little growth, corporate profit margins are at all-time highs. He details how this economic pressure on the consumer is reflected in falling box shipments, the rise of discount retailers, and the growing share of spending on healthcare. He warns that the market is being propped up by excessive financial leverage, and suggests ways investors can think defensively.
Chapters:
1:08 Nvidia Earnings Preview
4:54 Retailers & Rising Prices
6:01 Consumer Spending Squeeze
6:48 Housing Market & Home Improvement
8:31 Winners & Losers in Retail
10:42 Industrial vs. Consumer Economy
12:36 Why CapEx Doesn't Help Consumers
14:27 Wages & the Labor Market
16:41 What Packaging Tells Us About The Economy
17:39 Walmart & Discount Retailers
21:08 The Wealth Gap & Stock Ownership
21:58 Healthcare & Drug Sales
24:05 Banks Lending to Wall Street
27:28 Financial Leverage & Risk
28:20 Defensive Plays For Today’s Market
This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.
Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.
#WSJ #Walmart #Target
