U.S. Stock Market Decline Continues Amid Consumer Confidence Drop

According to BlockBeats, the U.S. stock market continued its downward trend on August 29, with the Nasdaq falling by 1.00%. Joanne Hsu, director of the University of Michigan's consumer survey, noted that the final U.S. consumer confidence index matched the preliminary figure, showing a decline of about 6% from July. Although the current index is approximately 11% higher than in April and May, it remains at least 10% lower than six and twelve months ago. This month's decline is widespread across various age, income, and stock wealth groups, with a general deterioration in public perception of the economy. Concerns over high prices have intensified, leading to the lowest durable goods purchasing conditions in a year and a 7% drop in current personal financial conditions. Expectations for business conditions and the labor market also contracted in August. However, despite being relatively low compared to a year ago, personal financial expectations remained stable this month. Notably, few consumers mentioned recent events involving the Bureau of Labor Statistics and the Federal Reserve, as the survey interviews concluded on August 25, the same day U.S. President Donald Trump announced the dismissal of Federal Reserve Governor Cook.