CB Consumer Confidence decreased from 103 in September to 102.6 in October.
Present Situation Index declined from 146.2 to 143.1.
Expectations Index pulled back from 76.4 to 75.6.
On October 31, The Conference Board released CB Consumer Confidence report for October. The report indicated that CB Consumer Confidence declined from 103 in September to 102.6 in October, compared to analyst consensus of 100.
Present Situation Index declined from 146.2 in September to 143.1 in October, while Expectations Index decreased from 76.4 to 75.6. Historically, the Expectations Index readings below the 80 level signal a recession within the next year.
The Conference Board commented: “Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular. Consumers also expressed concerns about the political situation and higher interest rates.”
Today, traders also had a chance to take a look at Chicago PMI report, which showed that Chicago PMI declined from 44.1 in September to 44 in October, compared to analyst consensus of 45.
U.S. Dollar Index settled near 106.40 after the release of CB Consumer Confidence report. U.S. dollar is moving higher ahead of tomorrow’s Fed decision. From a big picture point of view, U.S. dollar remains range-bound as traders wait for catalysts.
Gold moved back above the $2000 level. Demand for safe-haven assets remains strong amid geopolitical uncertainty.
SP500 gained ground after the release of the better-than-expected CB Consumer Confidence report. Stock traders also focused on the pullback in Treasury yields as the yield of 30-year Treasuries moved back below the psychologically important 5.00% level.
Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.