Consumers might be wobbling if apparel, grocery and restaurant sales are any indication, Nathan writes.

Between the lines: A slew of companies this week reported signs of consumers weakening:

• Lululemon CEO Calvin McDonald said consumer activity is "a little soft coming into the year."
• Darden Restaurants — whose brands include Olive Garden, LongHorn Steakhouse and Ruth's Chris Steak House — said its same-store sales fell for the first time since the pandemic.
• General Mills said it expects its organic net sales in fiscal 2024 to be anywhere from down 1% to flat as it deals with what CEO Jeff Harmening called an "evolving operating environment."

The big picture: Gas prices — one of the most significant determinants of consumers' feelings about the economy — are rising.

• While increases are typical at this time of year, the national average over the last month is 9 cents higher than a year ago, according to AAA.

The impact: Some consumers are beginning to look for cheaper alternatives to their staples.

• Darden CEO Ricardo Cardenas said the company is tracking "a few signs of some consumers trading down within our brands," including upper-income diners.

Reality check: The National Retail Federation Wednesday forecast 2024 retail sales growth between 2.5% and 3.5%, in line with last year and the 10-year pre-pandemic average, both of which are 3.6%, the group noted.

• The booming stock market and rock-solid job market should keep consumer confidence elevated.

The bottom line: Americans aren't exactly pinching pennies, but they are looking for savings.

Thursday's record-setting day for stocks had eyes trained on the Dow Jones Industrial Average today, which had a chance to hit 40,000 for the first time in its 128 years, Nathan writes.

• It didn't make it.

Between the lines: The Dow remains a significant investor gauge for stock market performance, although many still love to cite its flaws.

📦 FedEx shares surged today after the company beat earnings estimates. (Reuters)

🚗 Stellantis is laying off 400 salaried workers in the U.S., citing "unprecedented uncertainties." (CNBC)

Truth Social, the Twitter clone launched in 2022 by former President Trump, will become a publicly traded company by as early as next week, Axios' Dan Primack writes.

Driving the news: Shareholders of Digital World Acquisition Corp., a blank-check company, approved a merger today with Truth Social's parent company, Trump Media & Technology Group, ending a multiyear saga.

What's next: TMTG will essentially replace DWAC on the Nasdaq, with a board that includes Donald Trump Jr. and several former members of the Trump White House.

Follow the money: The vote effectively adds billions of dollars to Trump's net worth.

What we're watching: Trump is subject to a six-month share lockup, although that could be waived by the board. If that happens, the stock could sink fast if he begins to sell.

• There also are market demand questions. DWAC shares closed down 14% today.

An "engagement trough" triggered by the pandemic is hurting ring sales, according to Signet Jewelers.

💔 The big picture: The pandemic temporarily cratered the formation of new romantic relationships — notwithstanding those of you who formed remote bonds while stuck at home, Nathan writes.

• Now, three to four years later, there are fewer engagements because of it. (These things take time, you know.)
• The "deep COVID-induced engagement trough" led to "an overstocked industry that drove an elevated promotional environment," Signet Jewelers CEO Virginia Drosos said Wednesday on an earnings call.

The impact: Signet's stock fell 11% this week as the owner of Kay Jewelers, Zales and Jared said its fiscal-year sales were down 11.6%.

What's next: Signet is projecting a 5%–10% increase in engagements this year.

• "We have statistically significant data that shows us that once a couple has experienced a certain number of the proprietary milestones that we've identified, and that number being 25, they're much more likely ... to get engaged," Drosos said.

❤️ Nathan's thought bubble: I never lost faith in love.

"We're not happy with the issues that our competitor's having. I think it's not helpful for the industry, and if it's not helpful for the industry, it's not helpful for Airbus."