The S&P 500 (SPX) and the Nasdaq 100 (NDX) are off to a strong start in 2026, with both indexes trading higher on Friday.
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The market got a boost after the Bureau of Labor Statistics (BLS) reported that the unemployment rate in December was 4.4%, below the consensus estimate of 4.5%. In addition, the BLS revised November’s unemployment rate to 4.5% from 4.6%.
Consumer Sentiment Tops Expectations
Furthermore, the University of Michigan’s preliminary Index of Consumer Sentiment (ICS) for January was 54, higher than the consensus estimate of 53.5 and rising from 52.9 in December. At the same time, the reading is still down by 24.7% year-over-year from 71.7. A reading below 60 signals pessimism, while a reading above 70 signals optimism.
Still, the ICS has now risen for two consecutive months and is at its highest level since September 2025. Surveys of Consumers Director Joanne Hsu added that concerns about tariffs are beginning to recede, although consumers remain cautious about the state of the labor market.
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