The report indicated that consumers remained preoccupied with rising prices.
On November 28, The Conference Board released CB Consumer Confidence report for November, The report indicated that Consumer Confidence declined from 102.6 in October to 102 in November, compared to analyst consensus of 101.
The Present Situation Index, which is based on consumers’ assessment of current business and labor market conditions, declined from 138.6 in October to 138.2 in November. The Expectations Index increased from 72.7 to 77.8. It should be noted that the Expectations Index remains below the 80 level for a third consecutive month. Such levels historically signal a recession.
The Conference Board commented: “Consumer confidence increased in November, following three consecutive months of decline […] Nonetheless, write-in responses revealed consumers remain preoccupied with rising prices in general, followed by war/conflicts and higher interest rates.”
U.S. Dollar Index settled near the 103.00 level after the release of the CB Consumer Confidence report. Today, U.S. Dollar Index tested new lows near 102.90 as traders continued to prepare for the potential rate cuts in the first half of 2024.
Gold continued its attempts to settle above the $2025 level. U.S. dollar’s pullback served as the key bullish catalyst for gold markets.
SP500 pulled back towards the 4240 level as traders took profits near multi-month highs. At this point, SP500 needs significant catalysts to continue its strong rally. The better-than-expected CB Consumer Confidence report is not sufficient to push stocks higher.
For a look at all of today’s economic events, check out our economic calendar.
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.