Stock market today: Stock rally stumbles as consumer sentiment slides to 6-month low
Market Wobbles as Consumer Mood Hits Low; Tariffs Bite?
The stock market experienced mixed results today, with the Dow Jones Industrial Average slightly up by 0.2%, while the Nasdaq Composite fell by 0.1%. This comes as the University of Michigan's consumer sentiment index reported a significant 13% drop to 67.4, marking a six-month low and falling well below the expected 76.2.
In response to the cooling labor market, investors are keenly awaiting insights from upcoming Fed speakers, including Michelle Bowman and Neel Kashkari, for potential adjustments in interest rate policies. Meanwhile, TSMC reported a 60% increase in sales due to strong AI demand, boosting its shares.
Additionally, U.S.-listed Chinese EV stocks like Nio and Li Auto faced declines following President Biden's announcement of new tariffs on strategic industries, including EVs, which could impact their market performance. This tariff strategy aligns with heightened economic tensions between the U.S. and China as the election year approaches.