Consumer Confidence Sinks to 2014 Low, Stocks Edge Lower
IXIC sits 30% above its 52-week low of $20,690.249.
Summary
The Nasdaq slipped 0.09% to 26,797.54 as a sharp drop in consumer confidence to 81.9, the lowest since 2014, weighed on sentiment. The Conference Board's index fell 6.7 points, missing forecasts, with consumers citing higher oil and gasoline prices and worries about interest rates. Stocks pared losses after New York Fed President John Williams said there is no urgency to hike rates further this year. Treasury yields continued to climb, with the 10-year reaching 5.256%, its highest since 2002, while Brent crude fell 2.6% to $102.59. This follows a volatile September marked by Middle East tensions and a Fed rate hike; today's data adds a consumer-spending concern to the mix.
At the time of this announcement, IXIC was trading at $26,797.54 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.