Consumer Confidence Index Declined Once More in October

• The CB Consumer Confidence dropped from 103 in September to 102.6 in October.

• The Present Situation Index decreased from 146.2 to 143.1.

• The Expectations Index retreated from 76.4 to 75.6.

On October 31, The Conference Board published the CB Consumer Confidence report for October. The report revealed that CB Consumer Confidence fell from 103 in September to 102.6 in October, compared to the analyst's expected value of 100.

The Present Situation Index decreased from 146.2 in September to 143.1 in October, and the Expectations Index declined from 76.4 to 75.6. Historically, Expectations Index readings below the 80 level suggest an upcoming recession within the next year.

The Conference Board noted, "Write-in responses indicated that consumers remained focused on overall rising prices, particularly for groceries and gasoline. Consumers also expressed worries about the political situation and higher interest rates."

Traders also reviewed the Chicago PMI report, which revealed a decrease from 44.1 in September to 44 in October, compared to the analyst consensus of 45.

Following the release of the CB Consumer Confidence report, the U.S. Dollar Index stabilized near 106.40. The U.S. dollar is strengthening ahead of the upcoming Fed decision. Overall, the U.S. dollar is trading within a range as traders await significant market-moving events.

Gold prices rose above the $2000 level, reflecting continued demand for safe-haven assets amidst geopolitical uncertainty.

The S&P 500 made gains following the release of the better-than-expected CB Consumer Confidence report. Stock traders also focused on the drop in Treasury yields, with the yield of 30-year Treasuries falling below the psychologically significant 5.00% level.