S&P 500 Rallies on Unexpected Consumer Confidence Print

The S&P 500 (SPX) is up by over 1% on Tuesday following a better-than-expected consumer confidence update from The Conference Board (TCB).

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The Consumer Confidence Index rose by 0.8 points in March to 91.8, well above the consensus estimate of 87.9. “While not obvious in the headline or its component indexes, the weight of rising costs due to tariff passthrough and spiking oil prices was evident among other measures in the survey like inflation expectations,” said TCB.

Oil And Inflation Fears Weigh On Consumers

While confidence saw a slight uptick, consumers expressed concerns about oil and inflation, which outweighed worries about trade and tariffs. During the month, average 12-month inflation expectations rose to their highest levels since August 2025. Furthermore, 42.4% of consumers expect interest rates to be higher in 12 months, up from 34.9% in February.

Recession fears are also on the rise alongside lower expectations for the health of the labor market in six months. At the same time, their current and future view of business conditions ticked higher.