CB Consumer Confidence Drops To 104.1; SP500 Tests The 6050 Level

On January 28, 2025, The Conference Board released CB Consumer Confidence report for January. The report indicated that CB Consumer Confidence decreased from 104.7 in December to 104.1 in January, compared to analyst consensus of 105.6.

The Present Situation Index fell from 144 to 134.3. while the Expectations Index decreased to 83.9. The Expectations Index reading below 80 usually signals a recession ahead.

The Conference Board commented: “Consumer confidence has been moving sideways in a relatively stable, narrow range since 2022. January was no exception.”

U.S. Dollar Index settled near the 107.85 level as traders reacted to CB Consumer Confidence report. From a big picture point of view, forex traders stay focused on Trump’s tarrif policy.

Gold moved higher despite strong U.S. dollar. Traders used the recent pullback as an opportunity to increase their long positions and pushed gold above the $2750 level.

SP500 climbed towards the 6050 level after the release of the CB Consumer Confidence report. It should be noted that dynamics of tech stocks will likely serve as the key catalyst for SP500 in the upcoming trading sessions. In this light, it remains to be seen whether the weaker-than-expected Consumer Confidence data will have a material impact on stock market dynamics.

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