Wall Street seems to be expected to have the slowest profit of corporate America in the quarterly income for a year, instead of rarely focusing on a number of attention: capital expenses.

President Donald Trump’s restart of the reconfiguration is noted that the economic enterprises that are interested in the future of the economy, the pace of developing companies to build their business. Like hope, real estate or large cars, great costs are clarifies how their positions on how they see the economy.

“I don’t think that the enterprises can spend cash at a time,” said Scott Ladner, Director of Horizon investments. “It’s not an environment where they can work as usual, so it is very conservative. This is a wait and seeing situation.”

Early signs confirm the thought of Ladner. This week, JB Hunt Transport Services Inc, a transport industry Bellwether, reduced the capital expenditure plan for this year, last month Fedex Corp. Meanwhile, United Airgide Holdings Inc. put in twoPossible earnings scenarios– If there is a recession, and if it is prevented, in another case, in any case, long-term investments were lower than expectations in advance.

“The first quarter is already the old news, because this time, because this time, the work has changed sharply until this month,” he said, “Head of the Global Investment Strategy Wells Fargo Investment Institute. “We are very careful in the leadership of companies, especially industries and materials.”

It builds pessimism

Recent economic research adds to pessimization. Information from Federal Reserve Banks Everyone shows everyone who fell into Philadelphia, New York, Richmond and Dallas, manufacturers’ plans for capital expenditures in the first quarter. March NFIB Small Business Optimistic Survey – Usually, the Republican Pro-Republican Pro-Republic – a 51-year-old decreased. And a Survey by CEO Only 26% of 329 corporate leaders attended by 329 corporate leaders in this month, planned to reduce 36% in March and 56% in January.

In the meantime, in totalIndustrial production fellFor the first time in March within four months. An economic model Goldman Sachs Group Inc, the uncertainty and strict financial conditions of higher politics will probably show a four percent point driver in quarterly annual growth in capital expenditures.

“This quarter will be both guidance, but also to do the strategist Raheel Siddiqui, but also the management of the company is relevant, but no one has no visibility.”

Investors have already turned a blind eye to spending in the largest companies in S & P 500, known as seven spectacularspilled billions ofIn the past two years, the development of artificial intelligence functions while managing the market earnings. Those companies – Alphabet Inc., Amazon.Com Inc., Apple Inc., Meta platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc – This year is expected to continue to continue the EU development, but MicrosoftdecisionIn the information centers in Ohio, there are doubts about the cost of this expenditure to take a break.

Trump tariffs are also expected to expend the spending by major technological companies in the center of the global economy. If the trade war can be in a decline, the spending on the EU is seen at risk.

“If the cheeses around the country, if there was a recession, this is where it will be withdrawn and spends AI,” Brent Schutte, General Investment Officer Northwest Interaction Wealth Management Co. “If you have a really economic recovery, AI spending will not be insulated.”

Meanwhile, gain from the production of heavy weights of next week Caterpillar Inc., General Electric Co. and Boeing A CO, Telecommunications Behemoth AT & T Inc. and chemical basis Dow Inc. should be read despite investing in large US companies in the seven of the magnificent seven.

Most sensitive companies

Economic uncertaintyTrump’s inappropriate Tariff PlansIt’s bad for all businesses. However, the most sensitive companies are currently in the capital-intensive industries, including international trade, analysts and strategists. Manufacturers of computers, electronics, machinery, machinery, oil products and chemicals, they will probably have the strongest innovations, and transport companies will feel their pinches as the consumer requirement.

“The first casualties in the trade war are likely to be CEO confidence,” Deane Dray said Deane Dray, President of the Global Industrial Research in the Capital Markets of RBC. “When you once compromise, it causes a longer approval time and capex cut, which causes CAPX cuts and you have a cascading effect and you start to see the Capex.”

The dray expects to stop the leadership due to uncertainty around some producers. Companies such as Industrial Distributor Wesco International The Council of Europe is an engineer technology provider Food Corp. and 3 m Cotch tape and post-dog A CO, this said that Tenmoil was the most exposed.

It is very important to watch the outlook of transport and logistics companies that are using corporations and moving goods used by consumers.

“Carriers I think Capex cutting will start” td Cow Analyst Jason Seidl. “You will see at least moderate discounts for this year.”

Seyidl noted that many trucks sold are relatively new vehicles. “They could easily push the navy age a year and a half,” he said. “This is not out of the world of no opportunity.”

However, such a decision is rippled by the supply chain where companies with trucks and parts Cummins Inc and Pacific Inc. – When the plans to increase the trucks of the customers, they will see that orders are hit.

Of course, we are still likely to develop some companies to expand their work that can build new factories to US conversion to the United States or to help prevent the expected spending reductions.

“This is the way of charity, a way of charity is trying to do people. Horizo’s Ladner, who has some power. “This is a different kind of virtue, ‘presidental signal’. See what we want to do.”

This story was first displayed Fortune.com

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