War-driven stock losses could shave $1.5 trillion from US household wealth this quarter, research firm says

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• Falling stocks may erase $1.5 trillion in wealth this quarter, impacting consumer spending.
• That's according to Pantheon Macroeconomics, which sees a $50 billion spending drop associated with stock volatility.
• Discretionary spending could be most affected, hurting the recreation, hotels, and food industries.

Consumers have had plenty to grapple with recently — the threat of AI displacing jobs, sticky inflation, and the impact of the US-Iran war on gas prices.