Trump wants to require NDAs for federal workers

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**Kimberly Adams** (0:31)
We're wrapping a busy week in corporate earnings. What performance of some of the country's biggest companies tells us about the rest of the economy?
From Marketplace in Washington, I'm Kimberly Adams. Some major consumer-facing businesses reported quarterly results this week. We heard from Coca-Cola and Procter & Gamble, along with Microsoft, Metta, Apple and Amazon. For more on what those financial results tell us about the overall economy, let's turn now to Amanda Agadie. She's Chief Investment Officer at PNC Financial Services Group. Amanda, welcome.

**Amanda Agadie** (1:04)
Thank you so much for having me. It's great to be here.

**Kimberly Adams** (1:06)
So we heard from lots of companies across a variety of sectors this week. What's your overall read of the results we heard from these companies?

**Amanda Agadie** (1:14)
Well, I have to start by saying earning season has come in so much better than expected. I'll give you a technical term. It's been bananas.
On a year over year basis, we're tracking it somewhere in the neighborhood of 47% year over year growth for the S&P 500 And that's just an unheard of number. I think when you look under the surface, though, there's a big distinction between winners and losers. And so the AI story obviously is very, very much top of mind. They have been in the poll position. They had been in the driver's seat in terms of the market rally. And they've slowed down, I think, quite a bit on a relative basis.

**Kimberly Adams** (1:55)
Yeah, over the past few weeks, it felt like there's been this trend of investors pulling back from AI companies over these fears that they may be overvalued. But as you said, there have been winners and losers. It looks like some of that has reversed course. What's behind that?

**Amanda Agadie** (2:11)
Yeah, it's a great question. And I've been describing investor sentiment in the last few months as paranoid Android. That's a Radiohead reference for you in case you were wondering. And I think it's this vibe that investors know they need to be there. This is the next wave of innovation. So when you see names like Google and Meta and Apple kind of get pummeled as a function of their earnings release, but then you see Amazon and Microsoft posting fairly big gains on a relative basis, it's sort of head scratching because the themes are kind of nuanced and very specific company by company. So I think it's just a challenging time for investors.

**Kimberly Adams** (2:51)
What about some of these consumer goods companies that also reported this week? We had Coca-Cola, Procter and Gamble, which makes things like Crest and Laundry Detergent. What did we learn from those earnings reports?

**Amanda Agadie** (3:02)
Well, first off, the consumer is still alive and well on balance. At least the US consumer continues to spend. And when we look at all the different components of retail sales trends and consumer spending, absent consumer confidence, we'll put an asterisk next to that, all those other data points continue to post really strong results if not hit new highs. But I think the consumer continues to hang in there. I think it continues to be an important story in the second half of 2026 as well.

**Kimberly Adams** (3:34)
Amanda Agadie is Chief Investment Officer at PNC Financial Services Group. Thank you so much.

**Amanda Agadie** (3:39)
Thanks so much for having me.

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