- UoM data shows consumer confidence in US deteriorated sharply in April.
- Major equity indexes in US lost traction after opening in positive territory.
The University of Michigan's Survey of Consumers revealed that the Index of Consumer Sentiment in April fell to 71.8 (final) from 89.1 in March. This reading came in slightly higher than the market expectation of 71 and the previous estimate of 68.
Further details of the publication revealed that the Current Economic Conditions Index slumped to 74.3 from 103.7 in March and the Index of Consumer Expectations dropped to 70.1 from 79.7.
Commenting on the survey's findings, "consumers' reactions to relaxing restrictions will be critical, either putting further pressure on states to reopen their economies or exerting added pressure to extend the restrictions even if it has negative consequences for economic prospects," said Surveys of Consumers chief economist, Richard Curtin. "The risks associated with these decisions are not equally balanced, with an incorrect decision to reopen having serious repercussions."
Wall Street's main indexes pared early gains. As of writing, both the Dow Jones Industrial Average and the S&P 500 were flat on the day while the Nasdaq Composite was down 0.25%.
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