Consumer Confidence Declines As Worries Over Economy Persist
Portfolio Pulse from Michael Juliano
Consumer confidence declined in June, with the Consumer Confidence Index dropping from 101.3 in May to 100.4. The Present Situation Index improved slightly, but the Expectations Index fell, indicating concerns about future economic conditions. This has impacted stocks like Walmart, Amazon, and Home Depot, as well as retail ETFs.
June 25, 2024 | 5:22 pm
News sentiment analysis
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NEGATIVE IMPACT
Home Depot's stock declined 4.01% by mid-day Tuesday following the decline in consumer confidence.
The decline in consumer confidence negatively impacts Home Depot, as consumer spending on home improvement may decrease.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
VanEck Retail ETF fell 0.90% by mid-day Tuesday following the decline in consumer confidence.
The decline in consumer confidence impacts the retail sector broadly, leading to a drop in the VanEck Retail ETF.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Walmart's stock dropped 2.53% by mid-day Tuesday following the decline in consumer confidence.
The decline in consumer confidence directly impacts retail stocks like Walmart, as consumer spending is a key driver for the company.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SPDR S&P Retail ETF slipped 0.96% by mid-day Tuesday following the decline in consumer confidence.
The decline in consumer confidence impacts the retail sector broadly, leading to a drop in the SPDR S&P Retail ETF.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Amazon's stock gained 1.13% by mid-day Tuesday despite the decline in consumer confidence.
Amazon's stock rose, possibly due to its diversified business model which may be less sensitive to short-term changes in consumer confidence.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Amplify Online Retail ETF gained 0.61% by mid-day Tuesday despite the decline in consumer confidence.
The Amplify Online Retail ETF gained, possibly due to the resilience of online retail in the face of declining consumer confidence.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70