Signs are increasing that U.S. consumers are in trouble, and investors are taking it seriously.

The latest warnings came on Thursday from two major food companies, PepsiCo and Conagra Brands. Both reported weak quarterly results and indicated that U.S. consumers are under pressure.

PepsiCo reported that sales volumes in the Frito-Lay North America business fell by 4% and North America beverages by 3% in the second quarter of the fiscal year ending June 15, compared to the previous year. Thanks to higher prices, revenue in Frito-Lay North America only decreased by 0.5% and increased by 1% in North America beverages. However, the company adjusted its outlook for organic revenue growth in the current fiscal year from “at least” 4% to “approximately” 4%, excluding currency effects and merger impacts.

The effects of persistent inflationary pressures and higher credit costs in recent years have led to a tightening of household financial conditions," the Pepsi managers explained in a statement. "Consumers have become more price-conscious and are paying attention to their spending patterns and preferences regarding brands, packaging, and channels.

Meanwhile, Conagra, whose brands range from snacks like Slim Jim to frozen dishes like Marie Callender's, is already lowering some prices to win back customers. The company reported that organic sales in the fourth quarter of the fiscal year, which ended on May 26, fell by 2.4% compared to the previous year. The price and sales mix contributed 0.6 percentage points to this decline, while the remaining difference was due to lower volumes.

Sure, the translation of the heading to English is:

"The company sees some improvements thanks to its pricing actions and investments in advertising, with the sales volume of snacks being slightly positive in the quarter. Nonetheless, there was a cautious outlook for the current fiscal year, expecting that organic sales would decline by 1.5% or remain flat. Conagra CEO Sean Connolly emphasized that the return to volume growth is a gradual process.

It's not as if we pump a little money into the market and consumers immediately forget that they ever experienced rampant inflation," he said in a conference call with analysts.

While other executives have emphasized that primarily lower-income consumers are cutting back on their spending, Connolly said that over the past twelve months he has seen price-conscious behavior at all levels, with some high-income consumers buying less "on principle" because they don't like the prices.

These warnings follow a similar one issued earlier in the week by Helen of Troy, owner of brands like OXO and Braun. The company stated that consumers are "even more financially strained and prioritizing necessities over luxury items," leading to a sharp decline in its stock.

On Thursday, Pepsi ended the trading day with a gain of 0.2%, while Conagra fell by 1.5%. Both stocks have dropped by double digits over the past twelve months. In contrast, the S&P 500 has risen by approximately 26% during the same period.

Should US consumers continue to weaken, it may be difficult to maintain this performance.