The market is meandering after another failed attempt at a long winning streak. The S&P 500 failed to gain traction above 3900 level and Nasdaq is the weakest index, down 2%, despite interest rates backing off as well. 

Communication Services is the worst performer, as social media struggles on Twitter’s (TWTR) selloff, while Utilities is the sole winner on the S&P 500.

New York Fed Consumer Expectations

Over the next year, consumer expect inflation to edge higher, while spending cools down (8.35% from the all-time high 9% reported last month).

Thus, 13.6% of consumers see their household financial situation as much worse, and 31.1% see it somewhat worse off.

Investors are cooling their heels, waiting for the latest read on inflation and earnings’ season.