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S&P 500 Surges After Consumer Sentiment Falls, Oil Prices Rise $5 & Toyota Recalls 2,700 EVs

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S&P 500 surges, despite fall in U.S. consumer sentiment

The S&P 500 was trading higher on Friday as markets reacted to the news that U.S. consumer confidence had declined.

Figures released via the University of Michigan consumer sentiment index showed that sentiment fell to a reading of 50.0 in June.


source: tradingeconomics.com
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About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009. Inflation expectations for the year ahead stood at 5.4%,

This dropped from a final reading of 55.2 in May and comes as concerns over high inflation and an economic downturn persist.

 Negative sentiment data was somewhat offset by the news that new home sales jumped 10.7% to an annual rate of 696,000 units in May.

The S&P 500 finished trading 3.06% higher.

Oil climbs by $5, ahead on next week’s OPEC+ meeting

Oil prices rebounded on Friday, rallying by as much as $5 during today’s trading session.

Prices rose to end the week, as traders began looking towards next week’s OPEC+ meeting.

The cartel is widely expected to keep the current output level unchanged, despite supply of energy tightening.

Many believe that the group is still looking to recover from losses suffered during the COVID-19 pandemic.

WTI is trading at $107.54 per barrel as of writing.

Toyota stock declines, as following mass recall of EV’s

Toyota stock was marginally lower on Friday, as the company announced a recall of its recently launched EV’s.

Earlier today, the world’s largest automaker stated that it would be recalling the new bZ4X SUVs.

Around 2,700 of the electric vehicles have been recalled, 2,200 of which were due to be sent to Europe, with 260 going to the United States.

The recall came as fears grew that there was a potential for the wheels to come loose, leading regulators to intervene.

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Following the recall Toyota stated that, “we sincerely apologize for any inconvenience this causes you. We would have repaired it as soon as possible, but we are investigating the details”.

As of writing, the company’s stock is down 1.03%.

 “People in markets find a way of getting down to the essentials of I have, you want; you have, I want.”

-Audre Lorde.

Eliman Dambell

Senior Market Analyst

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