- IBD/TIPP Economic Optimism Index decreased from 41.7 in June to 41.3 in July.
- The index has reached its lowest level since November 2022.
- SP500 pulled back towards the 4410 level as traders remained cautious ahead of tomorrow’s inflation data.
On July 11, traders had a chance to take a look at IBD/TIPP Economic Optimism Index report for July. The report showed that Economic Optimism declined from 41.7 in June to 41.3 in July, compared to analyst consensus of 45.3. Numbers below 50 show pessimism. IBD/TIPP Economic Optimism Index is at its lowest level since November 2022.
The Personal Financial Outlook declined from 51.9 in June to 50.0 in July, while Confidence in Federal Economic Policies decreased from 38.6 to 38.5. The Six-Month Economic Outlook improved from 34.5 in June to 35.5 in July.
IBD commented: “The economy continues to be the number one issue for Americans as we prepare for earnings season and new inflation data. The Six-Month Economic Outlook was the lone bright spot for July, as optimism slightly increased for the long-term, but it’s still a long way from positive.”
U.S. Dollar Index moved higher after the release of the IBD/TIPP Economic Optimism Index. Traders react to the rebound in Treasury yields.
Gold continued its attempts to settle above the $1935 level despite the rebound in Treasury yields. It looks that gold gets some support from rising demand for safe-haven assets.
SP500 pulled back towards the 4410 level. Traders stay cautious as they prepare for tomorrow’s inflation reports.
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