Consumer Sentiment Gauge Soars To 22-Month High In July, Inflation Expectations Surprise Higher
Portfolio Pulse from Piero Cingari
The University of Michigan Consumer Sentiment Index shows a spike from 64.4 in June to 72.6 in July, beating expectations of 65.5. This is the highest level of consumer optimism in nearly two years. Inflation expectations also increased slightly. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) both saw increases following the news.
July 14, 2023 | 2:27 pm
News sentiment analysis
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose by 0.3% following the release of the consumer sentiment data.
The SPY ETF, which tracks the S&P 500 index, rose following the release of positive consumer sentiment data. This suggests that the market is reacting positively to the news, which could lead to further gains for the ETF in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) rose by a marginal 0.15% after the release of the consumer sentiment data.
The UUP ETF, which tracks the U.S. dollar index, rose slightly following the release of positive consumer sentiment data. This suggests that the market is reacting positively to the news, which could lead to further gains for the ETF in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70