Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) are deep in the red following a weak reading from the University of Michigan’s Index of Consumer Sentiment.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The index tallied at 58.2, falling from 61.7 in July and below the consensus estimate of 58.6.
“This month’s decrease was visible across groups by age, income, and stock wealth,” said Surveys of Consumers Director Joanne Hsu. “Moreover, perceptions of many aspects of the economy slipped.”
Year-Ahead Inflation Expectations Rise to 4.8%
Survey respondents now expect year-ahead inflation of 4.8% compared to 4.5% in July, breaking a two-month streak of receding expectations. Long-run inflation expectations are at 3.5% compared to 3.4% last month, ending a three-month streak of receding expectations.
The results come as core personal consumption expenditures (PCE) rose by 2.9% year-over-year in July, marking the highest rate since February.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.