BofA Weekly Total Card Spending (w/e May 2) +2.7% (prev. +7.2% W/W); adds that with the tax refund tailwind fading, higher gas prices might also be taking their toll

The latest Bank of America weekly card spending data shows a significant decline, with spending up only 2.7% compared to a prior week of 7.2%.

Newsquawk StaffPublished 7 May 2026, 08:57 UTCOn the live feed at 08:37 UTC — 4 more headlines followed before this page went public

Newsquawk headlinesUTC

08:47

Romanian Defence Ministry says a drone briefly breached Romanian airspace during a Russian attack on Ukraine

08:38

Tesla (TSLA) prelim Apr China vehicle delivers 79.5k (prev. 85.7k M/M), PCA reports

08:37

BofA Weekly Total Card Spending (w/e May 2) +2.7% (prev. +7.2% W/W); adds that with the tax refund tailwind fading, higher gas prices might also be taking their toll

08:35

Saudi Arabia's PIF is offering three-, seven- & 30yr USD benchmarks bonds, Bloomberg reports citing sources; IPTs are USTs +130-170bps

08:33

Explosions were heard on the outskirts of Erbil, Iraqi Kurdistan, Al Mayadeen reports

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Context

This slowdown suggests consumers may be feeling the impact of rising gas prices as the supportive effect of tax refunds diminishes, indicating potential softness in consumer demand going forward.

Macro · last 90 days

Recent headlines that moved markets

MACRO/20 Aug · 01:30 UTC

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EQUITIES/8 Sept · 05:24 UTC

Saudi Energy Minister says a number of energy facilities and utilities were hit; are temporarily halting some operations.

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ENERGY/8 Sept · 05:23 UTC

Saudi Energy Minister says a number of energy facilities and utilities were hit; are temporarily halting some operations.

Brent Nov'26, after we published+1.0%

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with Brent Nov, after we published−1.3%

EQUITIES/3 Sept · 04:54 UTC

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