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In recent news, the Present Situation Index saw an increase from 133.1 in July to 134.4 in August, with the Expectations Index also showing improvement from 81.1 to 82.5. It’s worth noting that a reading below 80 on the Expectations Index often signals a looming recession.
According to the Conference Board, consumer sentiment in August was a mixed bag. While there was more optimism about current and future business conditions, there were also concerns about the labor market. The U.S. Dollar Index settled near 100.75 following the better-than-expected CB Consumer Confidence report, with Treasury yields on the rise but not necessarily benefiting the American currency.
Meanwhile, gold remains below key resistance levels at $2520 – $2530, with rising Treasury yields serving as a bearish factor for the precious metal. As for the SP500, it dipped back towards 5610 as traders reacted to Consumer Confidence data. Market watchers are keeping an eye on rising Treasury yields, and some are taking profits after a strong rebound from August lows.
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