Market Overview

Tuesday's Market Minute: All Eyes On The Consumer

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Tuesday's Market Minute: All Eyes On The Consumer

This morning’s focus is on the consumer with the release of the Consumer Confidence report for August and multiple consumer-focused companies announcing quarterly results this morning. Consumer Confidence is a monthly reading that measures the American consumer’s perceptions of current business and employment situations as well as expectations for six months in the future. Last month’s reading sank to a level of 92.6 from 98.3 in June that dragged the major stock indexes lower on the day with it. The dip was reflective of a flare-up in COVID-19 cases that the country is still battling with today. This morning’s reading is expected to be almost as low, at a 93 level. Consumer Confidence for August is released at 10:00 AM ET. Alongside the report are corporate earnings from consumer staples companies Hormel Foods Corporation (NYSE: HRL) and The J.M. Smucker Company (NYSE: SJM) as well as from the major tech retailer Best Buy Co. Inc. (BBY). Out of the three, SJM is the only name higher in premarket trading, having posted both EPS and revenue above what the Street expected. Smucker also raised its profit outlook for FY21. HRL also beat earnings estimates and posted sales in-line. Despite an earnings beat and declared dividend out of BBY, shares are still declining before market open. For a deeper look at Consumer Confidence and more earnings, tune into the TD Ameritrade Network.