The market is lower on better-than-expected news, but maybe it is an overreaction.

Consumer Confidence came in 103.2 from 95.3 and consensus of 97.4.  Although the number came in above consensus, the Conference Board made key points:

• Consumer confidence increased in August after falling for three straight months
• Expectations remains below a reading of 80, suggesting recession risks continue
• Concerns about inflation continued their retreat but remained elevated
• Purchasing intentions increased after a July pullback
• Vacation intentions reached an 8-month high

The downtrend is still in place and more than likely will move lower.

The JOLTs report also came in better than expected with 11.24 million from 10.30 million.

But quits edged a little lower, and this is the key JOLTs component for the Fed.

The economy is slowing. There are ebbs and flows, especially with sentiment when oil moves up, or as it has recently, moves lower.