Consumer Confidence Disappoints

With a reading of 49.3, this morning’s Consumer Confidence report for the month of June came in six points below consensus forecasts, and it was the 13th weakest report compared to expectations since 1999.  In the table below, we summarize the average and median performance of the S&P 500 and each of its ten sectors on the day of the release.  Overall, the S&P 500 and its sectors have typically averaged positive returns on days of weaker than expected reports.  However, in an environment where investors are clinging to 'green shoots' as a sign that the economy is improving, reports like this aren't what they want to see.

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