The Globe and Mail reports in its Saturday, May 3, edition that a practical look at President Donald Trump's economy can be seen at any fast food drive-thru in the U.S., where lineups are noticeably smaller. The Globe's Ian McGugan writes that American consumers are cutting back on extras, as reflected in the recent reports from McDonald's, Chipotle and Starbucks showing declines in same-store sales for early 2025. This aligns with a downbeat U.S. Department of Commerce report indicating the economy contracted in the first quarter, marking its worst performance since 2022. Why are not financial markets more worried? As of Friday, the S&P 500 has recovered from the declines following Mr. Trump's Liberation Day tariffs. Wall Street projects a robust 10-per-cent growth in corporate earnings this year. Yet, surveys from the University of Michigan reveal that U.S. consumers are feeling anxious about the future, despite the stock market's optimism. If market optimists are correct, this is a good buying opportunity. However, if consumers are right, it may be wise to reduce exposure to U.S. stocks, as global stock prices often move in sync with the U.S. market. To Mr. McGugan's mind, the evidence tends toward the latter.