Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
---|
Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
---|
Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
---|
The average American consumer is more optimistic than expected in September, data shows.
According to the University of Michigan’s September Survey of Consumers, the consumer sentiment index rose to its highest level in four months, surpassing economic estimates.
This surge reflects improvements in both current conditions and future expectations, driven by lower inflation worries and more favorable price conditions.
See Also: Latest Poll Hands Vice President Harris 5-Point Lead Over Trump
Key Highlights:
“The gain was led by an improvement in buying conditions for durables, driven by more favorable prices as perceived by consumers. Year-ahead expectations for personal finances and the economy both improved as well, despite a modest weakening in views of labor markets,” said University of Michigan's Surveys of Consumers Director Joanne Hsu.
Consumer sentiment is now roughly 40% higher than its June 2022 low, though caution remains widespread due to uncertainty surrounding the upcoming election, according to the expert.
However, there is contrasting sentiment between Democratic and Republican consumers as Election Day approaches and Vice President Kamala Harris widens the lead over Ex-President Donald Trump in preliminary polls.
Hsu highlighted that “partisan gaps in sentiment inched up,” amid consumers’ opposing views on the economic impact of her potential presidency.
Stocks extended their gains following the sentiment report. By 10:15 a.m. in New York, the SPDR S&P 500 ETF Trust (NYSE:SPY) was up 0.4%, while the tech-focused Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) edged 0.2% higher.
Small caps led the rally, with the iShares Russell 2000 ETF (NYSE:IWM) surging 2%. Blue chips, tracked by the SPDR Dow Jones Industrial Average ETF (NYSE:DIA), rose 0.5%.
All 11 S&P 500 sectors posted gains, with the Materials Select Sector SPDR Fund (NYSE:XLB) leading the way, up 1%, supported by strength in precious metals.
Meanwhile, the U.S. dollar weakened, with the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) slipping 0.4%. The dollar also dropped 0.9% against the Japanese yen, hitting levels last seen in late December 2023.
Now Read:
Image: Shutterstock