Target and Walmart reported mixed 1Q23 earnings results, with both citing a slowdown in discretionary spending. While traffic was up at both retailers, Target's consumer engagement fell, indicating weakness in discretionary categories. Walmart saw a YoY jump in new and retained users, with a greater share of higher income consumers trading down in search of value. In-app publisher-level bookings for Garena fell 38% YoY, primarily due to a decline in Garena Free Fire bookings, while Sea reported double-digit YoY growth in its e-commerce arm's marketplace revenue.