CB Consumer Confidence Hits 102.0, Beating Analysts’ Expectations

The Conference Board commented: “Going forward, fewer consumers expected future business conditions, job availability and income to deteriorate, leading to an increase in the expectations index. »

According to the report, the perceived likelihood of a U.S. recession in the next 12 months increased in May as more consumers thought the recession was “somewhat likely” or “very likely.”

The US Dollar Index attempted to settle above the 104.50 level as traders reacted to the better-than-expected CB Consumer Confidence report. Strong consumer confidence data is bullish for the US currency.

Gold retreated from session highs as traders focused on the rebound in the U.S. dollar and rising Treasury yields. Currently, gold is trading near the $2,350 level.

The SP500 moved back towards the 5300 level as traders reacted to the report. Strong consumer sentiment data may serve as a bearish catalyst for the SP500 and other major indexes as it reduces the chances of a near-term rate cut.

For a look at all of today’s economic events, check out our economic calendar.