Heading into Black Friday and Cyber Monday, there were mounting concerns about consumers, especially lower-tier ones - a cohort we've repeatedly warned as facing tough times. But early shopping data from this past weekend from Goldman and UBS suggest that, in aggregate, consumers held up better than feared. 

Goldman's top sector specialist, Scott Feiler, penned a note to clients earlier that "U.S. consumer does continue to show up for events, this Black Friday included. After all, Adobe did say Friday and Saturday both came in above their forecasts."