Mixed markets have greeted us on this last day of the month, quarter, and midyear mark.
Stocks opened unchanged but have drifted lower (down 100) on the heels of today’s consumer confidence report. Consumer Confidence slipped 5.5 points to 49.3. The market was looking for a slight gain to 55.0. Both present and future expectations fell as consumers said jobs were hard to find. Only 4.6% said they plan to buy a car within the next 6 months. Seems as though the slight uptick in confidence one month ago has taken a second dip.
Earlier today, the Case Shiller Home Price Index printed a meager improvement from last month’s decline of 18.7% to 18.1% year on year. Yearly price declines were seen in all 20 cities with the sun belt taking the most heat. No pun intended. Chicago Purchasing Managers report rounded out the trifecta, rising 5.0 points to 39.9.
Tough to tell if we are seeing stabilization or some kind of an outlier, given the changes in manufacturing (auto makers) coming down the line in that region. After the early volatility, most markets have settled down, waiting on more important data due out tomorrow and Thursday.