The market was down sharply today with three times as many stocks declining as advancing on both the NYSE and Nasdaq exchanges. In addition, our Gorilla Index and Housing [Bubble] Bellwether Barometer each fell over 2%, and our Artificial Intelligence Index tumbled nearly 4%!
Here’s what happened…
- Consumer Sentiment from the University of Michigan came in well below expectations with all three measures of consumer sentiment falling dramatically, and Future Expectations sliding to a 15-month low.
- Inflation concerns reheated as consumers and investors alike are forced to question the success of the Fed’s inflation battle.
- Existing Home Sales also fell unexpectedly, giving back half the recent gains from last year’s low in just one month, and reinforcing the potentially ominous message from InvesTech’s Housing [Bubble] Bellwether Barometer.
Stay tuned for more developments in this quickly changing market environment.