CB Consumer Confidence Beats Estimates; SP500 Pulls Back Towards 6000

On November 26, 2024, the Conference Board released CB Consumer Confidence report.

The report indicated that CB Consumer Confidence increased from 108.7 in October to 111.7 in November, compared to analyst forecast of 111.3.

The Present Situation Index increased from 136.1 in October to 140.9 in November, while the Expectations Index improved from 91.9 to 92.3.

The Conference Board commented: “November’s increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labor market.”

The largest jump in confidence was seen in the age group that includes consumers under 35 years old. Confidence among consumers aged 35 to 54 decreased after the strong improvement last month.

Today, traders also had a chance to take a look at the New Home Sales report for October. The report showed that New Home Sales decreased by 17.3% on a month-over-month basis, compared to analyst consensus of -3.6%.

U.S. Dollar Index settled near the 106.90 level as traders reacted to the better-than-expected CB Consumer Confidence report. U.S. dollar remains volatile as forex traders continue to take profits near yearly highs.

Gold is trading near the $2625 level as traders focus on the situation in the Middle East.

SP500 pulled back towards the 6000 level as traders bet that Fed may be more hawkish after strong consumer confidence data.

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