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U.S Consumer confidence on the rise

U.S Consumer Confidence Reaches 17-Month High, Tesla Earnings Beat Expectations & FTSE 100 Drops

U.S. Consumer confidence rises to 17-month high

Data from the United States on Tuesday showed that consumer confidence in July rose to its highest level in the past 17-months.

The U.S. economy was fully opened last month, as Americans celebrated the July 4th weekend, as well as the lifting of most COVID-19 restrictions.

Figures released by the Conference Board, highlighted that its consumer confidence index rose to a reading of 129.1 in July.

This was the highest level the index has printed since before the peak of the pandemic in February 2020.

The reading was also up from 128.9 the month prior, and better than the market expectation of a 123.9 decline.

Despite this news, both the Dow Jones and S&P 500 were marginally lower as of writing.

Tesla Q2 earnings beats expectations

Tesla kicked off the week of big tech earnings, by posting better than expected Q2 figures after yesterday’s closing bell.

The Elon Musk founded company reported $1.14 billion in net income for the quarter, which is the first time it has surpassed $1 billion.

Net income for the quarter was up 10x from last year’s amount of $104 million and comes as the company expanded its automotive sales.

Overall, earning per share came in at $1.45 vs 98 cents per share expected, with revenue climbing to $11.96 billion vs $11.30 billion expected.

Despite this, shares in the company were down 2.20% as of writing.

FTSE 100 falls below 7000 points

In the United Kingdom, the benchmark FTSE 100 fell below the 7000 point threshold as COVID-19 cases continued to remain elevated.

The government reported that COVID-19 related deaths today reached their highest point since March.

Figures revealed that there were 131 new coronavirus deaths, which took place 14 days after initial infection.

Regarding the news, Prime Minister Boris Johnson told reporters that, “People have got to remain very cautious and that remains the approach of the government”.

The FTSE 100 closed 0.42% lower on the news.

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