SOTS 2nd Hour: Tech Tumbles, Tuesday's Earnings Takeaways, & LIVE: Barclays CEO 4/28/26

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Sara Eisen (1:04)

Good Tuesday morning, welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla, who's back and David Faber. We are live at Post 9 of the New York Stock Exchange, coming up this hour. The CEO of Barclays, Fresh Off Results, we'll talk about the quarter, his read on the global economy and how the bank is using AI in its business. Plus, speaking of AI, the whole artificial intelligence complex taking a hit today after the Wall Street Journal reported OpenAI missed internal user and revenue targets. We're gonna take a look at that news, what it means for names like Oracle and Nvidia.

And Council on Foreign Relations president Michael Froman is with us after some big news out of OPEC this morning. And as Germany's Chancellor says, the US is being humiliated by the Iranian regime.

Carl Quintanilla (1:44)

First, though, let's get some conference board, maybe some Richmond Fed with Rick Santelli. Hey, Rick.

Rick Santelli (1:49)

Yes, thank you, Carl. Indeed, we're looking for our April read on consumer confidence. The headline number expected to be under 90, it comes in stronger than expected. 92.8 is the new reading for April, and that follows an upward revision from 91.8 to 92.2.

92.8 is the high watermark of the year. You have to go back to the last month of 2025 to find a higher number. 123.8, present situation, that's over three points higher than expected, and sequentially a bit higher than our last look. 123.8 would be the highest level, going back to the November read of last year. And finally, what are we looking at ahead? Expectations, 72.2, we are looking for a number around 69 72.2 will be the best read since February of 72.6. We do see Richmond Fed manufacturing. Everybody continues to, of course, monitor to see if on-choring and some of the issues of manufacturing are picking up a bit. This particular read is better than expected for April. We're looking at three versus an expectation of one. That's the high water mark of the year. As a matter of fact, you have to go all the way back to February of 25 to find a positive number of three. To find a higher number, you're back to April of 2022

And on the business side, this is of course the service side, a bit of a different picture.

Minus six would equal where we... Oh, I'm sorry. Minus 10 was February. There's your comp. What are interest rates doing? They're going up. And they're not only going up domestically, they're going up around the globe. Much of that, of course, is nervousness regarding the energy sector. Current high yield of 437 and 10s does represent some resistance. Should we trade above there? That would be technically significant. Sara, back to you.

Sara Eisen (3:46)

Okay, well watch it. Thank you very much, Rick Santelli. And just building on consumer confidence, that was a better number. But I did want to highlight because the surveys and the polls, they don't look great. There was a new Gallup survey with Axios.

Here's a chart showing that Americans say they feel worse off financially, that at any point in the last 25 years, 55 percent, that's the high there, of respondents. They surveyed more than a thousand Americans basically around April, said that their financial situation is getting worse.

Highest since 2001 and topping levels during the pandemic and during the 2008 financial crisis. That's kind of the mood gauge and it's a problem, you know, certainly for the administration, Republicans around the midterm elections. But you know what I always say?

Watch what they do, not what they say. Yes, because what they say is that they're miserable. What they're doing is not so bad. I mean, we're getting the earnings. I'll just highlight a few from different different parts of the economy around the consumer, Kimberly Clark, CFO, OK? We aren't really seeing any large scale shifts in consumer buying behavior. GM, CFO. We haven't seen any material changes to demand or mix thus far. Hilton CEO. The results demonstrate a continuation of strengthening demand trends we've seen since late 2025 Also pretty bullish and he went on to highlight the US in particular. Jeff Liu. Demand trends strengthened as the quarter progressed. One weak spot was Sherwin Williams where they said the quarter was characterized by heightened global uncertainty and continued demand softness in most end markets. But I think that has a lot to do with the housing market where people aren't spending as much on their homes because the housing market has been soft. But overall, Carl, it does paint a picture of strong and resilient demand. Similar comments from Coke later, which I'll share some of the new comments from the CEO I got on that mover.