CB Consumer Confidence Drops To 97.0, Missing Analyst Expectations

On April 30, 2024, The Conference Board released CB Consumer Confidence report. The report indicated that CB Consumer Confidence declined from 103.1 (revised from 104.7) in March to 97.0 in April, compared to analyst consensus of 104.

The Present Situation Index declined from 146.8 in March to 142.9 in April, while the Expectations Index decreased from 74.0 to 66.4. An Expectations Index reading below the 80 level often signals an upcoming recession.

The Conference Board commented: “Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income.”

U.S. Dollar Index settled near the 105.85 level after the release of CB Consumer Confidence report. The report may have a negative impact on U.S. dollar dynamics but traders will likely stay focused on the Fed Interest Rate Decision, which will be released tomorrow.

Gold is trying to settle below the $2300 level amid a broad sell-off in precious metals markets. Most likely, gold traders will ignore CB Consumer Confidence data and remain focused on worries about hawkish Fed.

SP500 settled near the 5110 level as traders reacted to CB Consumer Confidence report. It remains to be seen whether the weaker-than-expected report will provide support to stocks as Treasury yields are moving higher, suggesting that traders prepare for hawkish comments from Fed Chair Jerome Powell.

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