Business headlines this morning

[pdq]

Hopium only goes so far:

PepsiCo cuts annual profit forecast as trade war set to drive up costs

PepsiCo on Thursday cut its annual profit forecast and warned of higher production costs and volatility from a global trade war sparked by President Donald Trump's expansive tariffs.

…volumes declined 2% in the first quarter, PepsiCo said, as promotions on snacks and sodas take longer to boost demand…

Average prices jumped 3% in the three months ended March 22.

…Consumer goods bellwether Procter & Gamble and rival Kimberly-Clark have lowered their profit forecasts due to the uncertainty fueled by the ongoing trade war.

American Airlines pulls 2025 forecast as Trump tariffs cause demand uncertainty

American Airlines (AAL) withdrew its 2025 financial forecast on Thursday, mirroring its peers, as concerns over discretionary budget amid tariff pressures and government spending uncertainties hinder carriers' ability to predict travel demand.

…Southwest Airlines, the largest U.S. domestic carrier, withdrew its financial forecasts for 2025 and 2026, citing industry-wide volatility reminiscent of the COVID-19 era.

Smaller rival Alaska Air also scrapped its profit outlook for the year.

…The economic downturn is creating headwinds for major U.S. airlines, which, just two months ago, were benefiting from strong travel demand and solid pricing across their networks.

Union Pacific misses quarterly estimates on weak auto shipments

Trump trade war is wrecking hope for 2025 US trucking rebound

"Things have turned south in a hurry with this trade war that's emerging," Croke said of the outlook for U.S. trucking.

"None of the signals are good when it comes to truckload demand."

…and so on. But y’know, robotaxis are just around the corner, says Elmo (since 2015).