The S&P 500 (SPX) is down 0.45% as the market is reacting to a sharper than anticipated drop in the Conference Board’s Consumer Confidence Index. As noted in our Economic Week Ahead, consensus expectations were for a small drop from 134.1 to 131. However, June confidence came in at 121.5, and while we view this drop as noteworthy, we will pay close attention to the FedEX Corp. earnings release tomorrow to get an idea of their macro outlook for consumption going forward.

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