The S&P 500 (SPX) staged a red-to-green comeback after the University of Michigan provided its latest consumer sentiment update.
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The preliminary Index of Consumer Sentiment for June clocked in at 48.9, above expectations of 46. The index was at 44.8 in May, an all-time low. Falling gas prices were a key driver behind the rebound, lifting sentiment across age, education, and political groups.
Inflation Expectations Cool as Gas Prices Drop
Sentiment across lower-income consumers staged a significant recovery. This is due to gas prices taking up a larger share of their budgets. Over the past month, the price of a gallon of gas fell to $4.10 from $4.50.
Meanwhile, year-ahead inflation expectations fell to 4.6% from 4.8%. Expectations were at 3.4% before the onset of the U.S.-Iran war in late February. Furthermore, long-term inflation expectations dropped to 3.4% from 3.9%.