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80% Of Americans Are Adjusting Spending — Here’s Where It’s Starting
Plus, the latest in market news.
Happy Sunday, and welcome to Benzinga’s financial advisor newsletter.
Today we’re we’re watching a shift in how Americans are managing their money — one that’s happening faster than many expected. The early adjustments are subtle, but they’re pointing to a broader change taking shape.
Plus, a look at all the top stories and market activity from this past week.
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INDUSTRY CHATTER
Last month, we highlighted how more Americans are “unretiring” to keep up with rising living costs — a reminder that financial pressure doesn’t usually arrive all at once. It tends to build with everyday expenses before forcing bigger decisions.
Higher gas prices are a clear example of that early pressure point, and a signal of how quickly a small cost increase can cascade into broader behavioral shifts.
A recent survey from CNBC shows just how quickly that shift is happening with nearly 80% of Americans adjusting their spending due to higher gas prices. With fuel costs up more than 30% since late February, more than half of respondents say they expect prices to remain elevated for at least six months.
That expectation is where the real behavioral shift begins.
When people believe something is temporary, they tend to absorb it. When they believe it’s persistent, they adapt. And that is exactly what is taking place with 60% cutting back on entertainment and more than 50% on travel. What is most alarming is that 40% of respondents say they are reducing spending on essentials like groceries, and 30% are leaning more on credit cards.
For advisors, this isn’t just about gas, it’s about how quickly discretionary becomes non-discretionary in a client’s mind. Dining out and vacations are usually the first to go, but when higher costs linger, the cuts move deeper and can start to impact retirement contributions too.
Younger clients, who are more likely to have variable incomes and higher debt levels, may feel this squeeze faster and turn to credit sooner. Older clients, especially those on fixed income, may respond by pulling back spending across the board. In both cases, perception matters as much as reality. Even if gas prices stabilize, the belief that “things are getting more expensive” can stick.
This creates an opening for advisors to have more proactive conversations. Not about gas prices specifically, but about spending resilience. How flexible is the plan if everyday costs stay elevated? Where can clients adjust without derailing long-term goals? And just as importantly, where might they be overcorrecting?
Short-term price shocks often reveal long-term habits. The advisors who pay attention to those shifts — and help clients interpret them — are better positioned to guide decisions that aren’t purely reactive.
Because it’s rarely just about the gas pump. It’s about what clients do next.
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WEEKLY MARKET RECAP
With the U.S.-Iran ceasefire agreement extended, Wall Street resumed the AI-driven semiconductor rally.
The Philadelphia Semiconductor Index — as tracked by the iShares PHLX Semiconductor ETF (SOXX) — notched 18 straight sessions of gains, the longest winning streak on record, amid a wave of blowout earnings and analyst upgrades.
Intel (INTC) led the charge. Shares surged past levels not seen since August 2000 – at the very peak of the dot-com bubble – after the company delivered blowout first-quarter results. The stock is now up more than 80% this month alone, on pace for the best month in Intel’s history.
Advanced Micro Devices (AMD) jumped 24.6% over the five-day stretch, pushing its month-to-date gain to 70% – the stock’s best month since January 2001.
Texas Instruments (TXN) rallied 20% after its own strong quarterly results, its best week since April 2001.
The common thread: Al infrastructure spending is accelerating, despite the war’s disruption to supply chains.
The leaderboard in the S&P 500 this week reflected the same story — chips, capex plays, and anything tied to the Al buildout.
Company (5-Day Change)
#1 Advanced Micro Devices: +24.56%
#2 United Rentals: +22.08%
#3 Texas Instruments: +20.47%
#4 Intel: +18.93%
The Nasdaq 100 closed above 27,300 for the first time, notching its fourth straight week of gains.
The index has rallied 18% over the past 20 sessions — its strongest four-week run since April 2020, when markets were snapping back from the pandemic shock.
Chart: Tech Stocks’ Relief Rally Is The Best Since April 2020
The S&P 500 also notched its fourth straight week of advances, climbing 12.4% over the same stretch – its best four-week rally since May 2025.
With 88% of companies that have reported so far beating estimates — well above the 10-year average of 76% — the earnings season is providing a floor for the stock market.
Geopolitical Picture Remains Treacherous
On Monday, with the ceasefire set to expire at midnight, President Trump extended it another three weeks. U.S. special envoy Steve Witkoff and Trump’s son-in-law, Jared Kushner, are expected in Pakistan on Saturday, April 25, to negotiate with their Iranian counterparts, the White House confirmed Friday.
Oil crept back near $100 a barrel as the Strait of Hormuz remains effectively closed.
Markets shrugged — at least for now — but the damage to consumer confidence is difficult to ignore.
The University of Michigan’s final April Consumer Sentiment reading was revised slightly higher to 49.8 from an initial estimate of 47.6 — but it remains the weakest reading ever recorded.
“After the two-week cease-fire was announced and gas prices softened a touch, sentiment recovered a modest portion of its early-month losses,” said Surveys of Consumers Director Joanne Hsu.
Wall Street and Main Street are reading the same war from different pages. On trading desks, chipmakers are rewriting history.
At the pump, where the national average for regular gasoline remains nearly 40% above pre-war levels, the story is harder to spin.
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THE WEEK AHEAD
Economic Data
Monday: No major reports
Tuesday: Consumer confidence, S&P Case-Shiller home price index
Wednesday: Durable-goods orders, FOMC, Housing Starts
Thursday: Initial jobless claims, GDP, PCE, U.S. leading economic indicators
Friday: S&P U.S. manufacturing PMI, ISM manufacturing, Oil rig count
Earnings
Monday: Verizon (VZ), Public Storage (PSA), Domino's Pizza (DPZ)
Tuesday: Visa (V), Coca-Cola (KO), T-Mobile (TMUS), Booking Holdings (BKNG), Seagate (STX), Starbucks (SBUX), Spotify (SPOT), UPS (UPS)
Wednesday: Alphabet (GOOG), Microsoft (MSFT), Amazon (AMZN), Meta (META), Qualcomm (QCOM), Carvana (CVNA)
Thursday: Apple (AAPL), Eli Lilly (LLY), Mastercard (MA), Sandisk (SNDK)
Click here for the full calendar of economic data and earnings reports.
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