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Consumer spending in the first quarter varied among firms reporting earnings this morning. PayPal noted resilient spending, while Coca-Cola, 3M and McDonald’s experienced weakening sales to differing degrees. José Torres, Senior Economist at Interactive Brokers shares the performance report of these major firms:

PayPal said consumer spending has been strong and that its first quarter payment volume jumped 14% y/y. Earnings and revenue both surpassed analyst consensus expectations, and the company increased its guidance for both metrics. PayPal’s earnings guidance fell below last year’s result, which was aided by the one-time event of the company selling Happy Returns.

Coca-Cola’s first-quarter earnings and revenue exceeded analyst consensus expectations despite the company experiencing flat sales volume in the US. Globally, its sales volume, which is a metric based on units sold rather than dollar values and exchange rates, climbed 1%, while its sparkling soft drinks, like Coca-Cola, climbed 2%.

Its revenue climbed from the company hiking prices by 15%, with a significant portion of the increase driven by hyperinflation in Argentina. Coca-Cola said it anticipates additional price hikes in markets experiencing strong inflation. It said it expects earnings for the full year to increase in the low-to-mid single-digit range.

McDonald’s earnings and same-store sales missed analyst consensus expectations. CEO Chris Kempczinsk says consumers are being increasingly selective with their day-to-day spending, which is creating challenges for fast-serve restaurants. For the quarter, same-store sales increased by 1.9%, missing expectations of 2.6%. Sales were also challenged in Israel due to boycotts started after the company rolled out discounts for the country’s soldiers.

3M Co. said its revenue declined 3% y/y and missed the analyst consensus estimate while earnings exceeded forecasts. Sales of consumer products were weak as individuals focused their spending on food, traveling and other services. Despite having spun off its healthcare division, the company, which is well known for its Post It products, expects sales this year to range from flat to 2% y/y.

The Federal Open Market Committee will conclude its two-day April policy meeting today, before publishing a policy decision at 2 p.m. Eastern. Fed Chairman Jerome Powell will deliver remarks at a press conference slated to kick off at 2:30 p.m.