let's bring in dana telsey of telsey advisor group. a price target of $28 a share. thank you for joining us. let's start with macy's. they had a warning that was similar to walmart and target. macy's caters to a little bit of a higher end consumer relative to walmart or target. i'm curious about your thoughts on the earnings dori today. -- story today. dana: it is already baked in very well. it is the third week of earnings season. overall, the downdraft and consumer stock prices year to date for 2022 is based in the expectation moderation. what jeff spoke about today is the bifurcation, the lower end of the higher end of the consumer. we have been seeing that from everyone. what is poignant is a have an increase of 12% of the first half of the quarter and it slowed down in the second half, down 4%. those inventory levels are up 7%. it is a lower number than expected. but the headwind of walmart, target, old navy and many others, it will lead to the back half of the year keeping inventory levels clean and how you manage the margins. kriti: that confuses me on the inv

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sonali: that was dana telsey weighing in on retail is earlier.hat takes us back to the question of how optimistic the consumer actually is. joining us is sarah hunt from alpine woods. it is the spending we are seeing healthy spending or are there more issues in the road ahead? sarah: you do have a consumer that is under a lot of pressure, especially on the lower end. i think you are seeing the tray down and people looking -- trade down and people looking at how flat it is. i think there are going to be issues going forward. income is not rising as fast as prices. we have been able to get good numbers across the board but i wonder how much is going to be tougher than i six months. guy: you have a stock market rising. does the rally make sense to you? sarah: i think some of the rally made sense. the complacency on the inflation front. oil prices have come down but why? partially because china is very slow. other commodity prices have come down for the same reason. there will be pressure on the earnings front and the follow-up in oil prices is not b

driving for the retail discussion is dana tell sleep -- dana telsey.he game besides maybe vanessa friedman of the times, she's invested in the fabric and retail of -- fabric and retail of america. we have to go to luxury goods, icy lbmh, maybe 7% from a record high. it is luxury an old story where you can invest now or can luxury continue to be a value for viewers and listeners? dana:dana: i think luxury can continue to be of value for viewers and listeners. keep in mind, this luxury step is happening regardless of the fact that the chinese are not traveling. so you have not had travel for the chinese. it has been the local europeans, americans going to europe, where we have seen the strength of luxury. and certainly when we start to see the lockdown decelerate and china, and they start to travel, that is the benefit. let's not forget that for the past two years, with the pandemic, social occasions have not been celebrated, so, yes, we have 2.6 million weddings in the u.s. this year compared to 2.1 billion on average, but even next year, there will be