Consumer tape: PEP / COST / LEVI — budgets & comps into the open

[LondonNewsTrader]

Consumer names in the pre-open mix after mixed/soft prints and guidance:

- **PEP** — earnings noise + input-cost / consumer-budget language; shares soft in early talk
- **COST** — comps decelerated vs prior month (still solid YoY, but the *deceleration* is what the tape priced)
- **LEVI** — Q3/FY outlook disappointed even with a beat on the print

Monday angle for scalpers: these often trade as a **basket** on risk-off consumer days. I pick one A-setup, not all three.

Anyone pairing PEP vs COST as relative, or just trading the weakest gap?
Consumer discretionary into a higher-for-longer rates narrative — fade the open or wait for NY lunch?