Lackluster quarterly results from consumer-facing companies including McDonald’s and Harley-Davidson are the latest sign that American shoppers are curbing spending amid shifting U.S. trade policies.

McDonald’s posted a surprise drop in first-quarter global comparable sales on Thursday, as demand from cash-strapped diners in the U.S. and Europe faltered on uncertainty sparked by chaotic tariffs.

Microsoft's Xbox is hiking the prices of its gaming consoles, controllers, first-party titles and other accessories, ...