On August 27, The Conference Board released its Consumer Confidence Index report for August 2024.

The report showed that the consumer confidence index rose from 101.9 in July to 103.3 in August, higher than analysts' expectations of 100.7. The current situation index rose from 133.1 in July to 134.4 in August, while the expectations index increased from 81.1 to 82.5. Typically, an expectations index below 80 means an increased risk of recession.

The Conference Board commented: "Consumers' sentiment remained mixed in August. Compared with July, they were more optimistic about the current and future business environment, but their concerns about the job market also increased."

Against the backdrop of a better-than-expected consumer confidence index, the US dollar index stabilized around 100.75, and despite rising Treasury yields, this trend did not support the dollar.

Gold is still hovering between the key resistance levels of $2,520 and $2,530, and rising Treasury yields have exerted downward pressure on the gold market.

The S&P 500 fell back to 5,610 as investors looked at consumer confidence data while also assessing whether rising Treasury yields would have an impact on the major indexes. Overall, traders continued to take profits after a strong rebound from August lows.