Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.1%), and DJIA (+0.4%) are now modestly higher, supported by a nice bump in the PHLX Semiconductor Index (+1.2%).

The preliminary reading for the University of Michigan Consumer Sentiment Index for June increased to 48.9 (Briefing.com consensus: 46.2) from the final reading of 44.8 for May, which was an historic low. In the same period a year ago, the index stood at 60.7.

The key takeaway from the report is that the improved readings revolved around the early-month easing in gasoline prices, which was a relief factor felt by consumers across age, education, and political party. Still, there were reported concerns about higher inflation remaining stubborn.