Mike MilliganFounder and CEO, 1.oak Financial · Founder and CEO, 1.oak Financial

What the American Wallet Is Really Saying in 2026

21 Jul 2026 · 1 min

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In this market commentary, Mike Milligan explains why U.S. equity markets are in a pause ahead of earnings reports from four major American companies, using each as a lens on consumer behavior. He focuses on General Motors, which is set to report pre‑market earnings. Analysts project adjusted earnings of about $3.19 per share on roughly $46.6 billion in revenue, down from a strong first‑quarter EPS of $3.70. Milligan highlights that new tariffs on imported vehicles and parts could affect GM’s margins. If GM absorbs the tariff costs, consumer prices stay stable but the company’s profitability suffers; if GM passes the costs to buyers, consumers will see higher sticker prices for trucks and SUVs. The segment underscores how tariff policy and earnings guidance together signal the state of American consumer spending, saving, and bill‑paying.

Chapters

Now to the reason the market's paused today. 4 American companies you have heard of report earnings before the opening bell, and each one is a different window into how the American consumer is spending, saving, and paying bills. General Motors is going to report before the opening today. Analysts expect adjusted earnings of about $3.19 per share on a revenue of roughly $46.6 billion. GM had a strong first quarter with earnings of $3.70 per share, but this quarter tariffs on imported vehicles and parts are part of the story. If GM tells us today that they are absorbing the tariff costs, the American consumer is protected, but GM margins take the hit. If GM tells us they are passing tariff costs through to the sticker price, the American consumer pays more for a truck or an SUV.