US consumer stocks are struggling:

The Equal-Weight Consumer Discretionary ETF, $RSPD, is down -8.0% so far in 2026, to near its lowest level since June 2025.

At the same time, the S&P 500 is up +13.9%, and is just 0.3% below its all-time high.

This leaves a massive 22-percentage-point gap in year-to-date performance.

Consumer discretionary stocks are under pressure amid weakening demand, particularly for purchases such as autos, furniture, and home-improvement goods.

At the same time, rising oil prices, elevated inflation, and rising borrowing costs are squeezing household budgets..

As a result, earnings in the Consumer Discretionary and Consumer Staples sectors are expected to decline for the first time since the end of 2024.

Is the consumer running out of money?

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