US Consumers Show Strength

Market Overview
Read time 0.7 minutes

Year To Date Performances:

1. US consumers are showing remarkable strength. The latest data from the Bureau of Economic Analysis (BEA) indicates that real personal income, which has been steadily increasing since December, reached a record high in June. Additionally, consumer spending showed strong resilience as it exceeded expectations. The University of Michigan's consumer sentiment survey also reflected this positive outlook, with the index reaching its highest level since October 2021, indicating increased optimism among consumers. Similarly, The Conference Board's Consumer Confidence report from last week revealed a similar trend, with confidence levels reaching their highest since July 2021. Overall, the data suggests that the US consumer is in excellent shape.

2. Just over half (51%) of S&P 500 companies have now reported their earnings. 80% of companies have beaten earnings estimates, and 64% have reported a positive revenue surprise. Despite these beats, investors are reacting differently than expected. Positive earnings surprises are met with an average price decline of 0.2%, while negative surprises are seeing smaller-than-average decreases.

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4. Headlines

   1. US stocks might have recovered and are now near a 52-week high, but there are still numerous indicators that the market is currently overvalued.

   2. The SEC requested that Coinbase delist everything but Bitcoin, when Coinbase refused to comply, the SEC took legal action against Coinbase. After the SEC’s loss in the Ripple case, it remains to be seen if its other crypto cases can succeed.

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