On May 10, the University of Michigan released the Michigan Consumer Sentiment Index report for May. Consumer confidence declined from 77.2 in April to 67.4 in May, compared to analysts' expectations of 76.

The current economic conditions dropped from 79.0 in April to 68.8 in May, while the consumer expectations index fell from 76.0 to 66.5.

The report noted a widespread consensus among consumers regarding the change in consumer confidence, with consumers "concerned about inflation, unemployment, and interest rates potentially moving in an unfavorable direction over the next year." The expected inflation rate rose from 3.2% in April to 3.5% in May, while the long-term expected inflation rate increased from 3.0% to 3.1%.

Following the release of the report, the US dollar index stabilized near the 105.30 level. US Treasury yields rose, providing some support for the dollar.

Gold continued to strive to maintain levels above $2370 after the release of the consumer confidence report. Increased demand for gold is attributed to traders' belief that central banks will continue to purchase gold to increase their share in reserves.

The S&P 500 index retreated from intraday highs as traders reacted to weaker-than-expected consumer confidence data. Currently, the S&P 500 is attempting to hold below the 5225 level.