Posted on 06/28/2022 11:19:08 AM PDT by John W
(Reuters) - Wall Street’s main indexes tumbled in midday trading on Tuesday as a sharp drop in consumer confidence brought to the fore growth risks from rising inflation.
The Dow Jones Industrial Average and the S&P 500 shed the initial gains from a rise in bank shares as the latest batch of economic data raised doubts on the U.S. economy’s resilience to withstand hefty interest rate hikes from the Federal Reserve.
The consumer confidence index dropped 4.5 points to a reading of 98.7 in June, a Conference Board survey showed, as consumers anticipated economic growth would weaken significantly in the second half of the year due to rising inflation.
Last week, the University of Michigan said its final consumer sentiment index reading for June fell to a record low, and another report pointed to slowing U.S. business activity this month.
The reports underscore U.S. consumers responding to the slowdown in the economy, coupled with still higher prices, according to Quincy Krosby, chief equity strategist at LPL Financial in Charlottesville, Virginia.
“Clearly, the Fed’s more aggressive path towards curtailing inflationary pressures is affecting how consumers view the short-term economic landscape, which continues to move sharply lower.”
(Excerpt) Read more at stocks.apple.com ...
They can’t hold things up unless people spend a lot.
Are the people where you live cutting back?
(Wall Street’s main indexes tumbled)
Is this Building Back Better?
Over the years I’ve seen a lot of the headlines about the stock market as if it’s some sort of dire warning. Yet things in the economy seem to go a certain way no matter what the Great Casino is doing.
Spending a lot - but on fewer things.
Cutting back pretty good. Even those with good incomes. Everything is just so high - and employment is going to become sketchy so everyone is trying to save for that potentially terrible day.
Sure, other opportunities will arise - but caring for a home, a family, and maybe an aging parent while unemployed will motivate you to save.
If this happened under Trump, the headline would be Wall St Sink Continues As Trump Policies Kill Consumer Confidence.
The actions of the stock markets hardly reflect reality these days, and it’s been that way for quite some time. They’re used as political manipulation by the MSM (depending on which party controls DC), and they’re used to f~~k over the small investors for the benefit of the big money players.
Sorry. A lot of this is my fault. As soon as Brandon was ‘installed’ I stopped any extraneous spending.
Yes, I bought a truck, but it was a private sale and I paid cash. No middle-men profited.
Food, gas (sparingly) and basic utilities are it. No home improvement money spent either, and we normally have at least ONE project going on, ‘This Old House.’
Paid off the house a few years ago; just a little bit more on crop land and we will be 100% Debt Free.
Do yourselves a favor and slash your spending, get your debts paid off, and knuckle down. We’re not even to the ‘darkest’ part before the dawn!
Exactly - just like when the economy was growing robustly - headlines were that Trump was ignoring the recession...that didn’t exist. (this was pre-covid)
Transitory tumbling.
It’s similar to a dry heat…
A coupe of good friends work on Wall St. as Conservative as they come.
Of course I asked about the climate ideologies.
Workers bees all Conservative.
Bosses all limousine liberals living in the whitest and most secure places around.
The bosses are the ones that helped install CornPop but none of this affects them. They’re so rich it’s leant matter.
And the moron just named another Blackrock bigwig to some position in the White House.
Do you know when the Fed will speak again?
Mid July?…
S&P 500 now down 69.
The bear market rally that started June 17 seems to be over.
Had my 2 YO granddaughter over for a couple of days, she provided the entertainment! She's now a BFF with our dog, a 95 pound bundle of love, Rotten Shepherd...more rott than shepherd.
The dog was in a funk for a day and a half after she went back to her parents.
Looks like Friday and Monday was a dead cat bounce.
Good job, you are a good example for us
We’re mostly homebodies, so no big changes here. Been concentrating on getting some big ticket items out of the way (home repairs, e.g.).
.
Well, that all depends upon WHAT exactly one is attempting to build, now doesn't it?
Not for us although I do admire her. Retired December 2020. Diagnosed Stage 4 colon cancer November 6, 2021. With the help of very successful children we are fighting that like hell and plan to resume a very joyful, busy retirement here soon. Screw cancer. Screw Biden.
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