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Good Tuesday morning. Welcome to Tech Check. I'm Carl Kintania with John Fortin. Dear Durbosa. Today, Walmart's warning heard across the street as the company cuts its forecasts on weakening demand.

What that means for consumer-focused names like Microsoft

and Apple? Plus is the cloud recession-proof? A check-in on the enterprise side of things,

ahead of results from Google and Amazon this hour. And then finally, ever traded crypto on

Coinbase? Well, according to the SEC, you may have broken the law. That story is coming up

later on this hour as well, John.

Yeah, we're going to start this feed with consumer weakness, though.

Walmart warning that shoppers are spending more but getting less because they're spending

it all on food and energy, higher margin items like apparel's and TVs, therefore not moving.

Walmart shares plunging, taking down names like Amazon and Etsy in the process,

and more evidence of a consumer slowdown Logitech reporting a 38% fall in profit,

cutting its outlook this morning on slowing demand for webcams and gaming equipment, though keyboards and mice,

things like that, actually selling more. And Shopify shares also under pressure,

cutting 10% of its workforce, CEO Toby Lukie saying he expected surging e-commerce sales to

continue, quote, it's now clear that bet didn't pay off.

Shopify shares down 80% since the high in November. It reports earnings tomorrow.

Dee, it seems like we're starting to see signs of a scenario that I've been concerned about

for a while. Consumers racking up debt, spending down their savings

to have a good time during the summer because we deserve it, but then tightening the belt

when the bill comes due, right? The bank said the consumer is still spending. Walmart backed

that up. Same store sales were up, but that's because everything's more expensive, not because people are actually buying more. So now we're trying to figure out it seems how profits shake out in all of this and where that leaves e-commerce and tech. Yeah, and that's why maybe it doesn't necessarily feel like a recession at this moment. People are still spending to go out and travel, do all the things they couldn't do during the pandemic. But eventually those bills are going to come home. I guess the key question, when we're looking at all the big tech earnings this week, and that will largely determine the direction of the market going forward is Amazon is a big question mark, right, Carl, I mean, B of A in a note this morning tried to look at Walmart's implications for Amazon. And I guess I have to

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