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S&P 500 slips, following weaker than expect consumer confidence data
The S&P 500 was trading lower on Tuesday, following the release of consumer confidence data in the United States.
Figures released by the Conference Board reported its index for June dropped to 98.7 from 103.2 the month prior.
source: tradingeconomics.com
This was below expectations for a reading of 100, and comes as its expectations index also declined, hitting a nine-year low.
Consumers are now faced with the inevitable truth that the U.S. economy is heading to a recession, mainly led by historic levels of inflation.
As of writing, the S&P 500 is trading 1.76% lower.
G7 set to impose price cap on transportation of Russian oil
During the second day of the G7 summit, leaders from some of the world’s seven strongest economies discussed new sanctions on Russia.
One of these sanctions would be a potential ban on transporting Russian oil that has been sold above a certain price.
| 💡 More on this Last month saw Russian oil revenues increase, despite sanctions from the west, with the G7 now exploring ways to limit this. |
As a result of this potential further sanction, oil prices rose on Tuesday, on the threat of a distributed supply chain.
WTI is trading at $111.84 per barrel as of writing.
Airbnb lower, as company bans “parties“
Shares in Airbnb were lower in today’s trading session, as the company confirmed it would be permanently banning parties.
The company announced that it will be banning renters from using Airbnb homes to throw parties, after several deadly incidents have taken place in recent times.
| 💡 More on this Initially the company placed a temporary ban on “disruptive parties and events,” where open-invitation gatherings could take place. |
In addition to this, the company confirmed that booking for one-night large events will also remain banned.
As of writing, the company’s stock is down 3.77% to $97.67 per share.
“In many ways, the stock market is like the weather in that if you don’t like the current conditions, all you have to do is wait a while.”
–Low Simpson.
