Advertisement
Advertisement

Michigan Consumer Sentiment Meets Expectations, SP500 Tests Session Highs

By:
Vladimir Zernov
Updated: Apr 29, 2023, 03:50 GMT+00:00

The stronger-than-expected Chicago PMI data provided material support to stocks.

Consumer Confidence

In this article:

Key Insights

  • Michigan Consumer Sentiment increased from 62 to 63.5.
  • Chicago PMI grew from 43.8 to 48.6.
  • SP500 moved towards the 4150 level. 

Chicago PMI Exceeded Analyst Expectations

On April 28, University of Michigan released the final reading of the Consumer Sentiment report for April. The report indicated that Consumer Sentiment improved from 62 to 63.5, in line with the analyst consensus.

According to the report, “Despite the increasingly negative news on business conditions heard by consumers, their short and long-run economic outlook improved modestly from last month.”

Today, traders also had a chance to take a look at the Chicago PMI report for April. The report showed that Chicago PMI increased from 43.8 in March to 48.6 in April, compared to analyst consensus of 43.5.

U.S. Dollar Index Tries To Settle Above 102.00

SP500 tested session highs after the release of the reports. The stronger-than-expected Chicago PMI provided material support to stocks. Traders shrug off recession worries, and SP500 looks ready to move closer to yearly highs.

U.S. Dollar Index continues its attempts to settle above the 102.00 level. Traders prepare for the Fed Interest Rate Decision, which will be released next week.

Gold remains stuck near the $1980 level. U.S. dollar’s strength is offset by lower Treasury yields, and gold traders are waiting for additional catalysts.

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

About the Author

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.

Did you find this article useful?

Advertisement