USA CB Consumer Confidence For September 98.7 Vs 103.9 Est.; 105.6 Prior
Portfolio Pulse from Benzinga Newsdesk
The US Consumer Confidence Index for September fell to 98.7, below the estimated 103.9 and the previous 105.6. This decline may impact market sentiment and consumer-related stocks.
September 24, 2024 | 2:01 pm
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NEGATIVE IMPACT
The SPDR S&P 500 ETF (SPY) may experience short-term volatility due to the lower-than-expected US Consumer Confidence Index, which could affect overall market sentiment.
The SPDR S&P 500 ETF (SPY) is likely to be impacted by the drop in consumer confidence as it reflects broader market sentiment. Lower consumer confidence can lead to reduced consumer spending, affecting the revenues of companies within the S&P 500, thus potentially leading to a decline in SPY's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80