On May 28th, the United States Conference Board released the May CB Consumer Confidence Report. The report shows that, The CB Consumer Confidence Index rose from 97.5 in April (revised from 97.0) to 102.0 in May, while analysts expected it to be 95.9.

The current situation index increased from 140.6 in April to 143.1 in May, while the expected index increased from 68.8 to 74.6.

The United States Congressional Committee stated, "Looking ahead, fewer consumers anticipate a deteriorating business environment, job opportunities, and income, leading to an increase in expectations."

The report shows that as more and more consumers perceive an economic recession as "somewhat possible" or "very likely," the perceived likelihood of a US economic recession in the next 12 months will increase in May.

The US dollar index attempted to break through the 104.50 mark as traders responded to better than expected CB consumer confidence reports. Strong consumer confidence data is positive for the US dollar.

Gold fell from its intraday high as traders focused on the rebound of the US dollar and the rise of treasury bond bond yields. Currently, gold trading is around $2,350.

Due to traders responding to the report, the S&P 500 index fell back to around 5,300. Strong consumer confidence data may become a bearish catalyst for the S&P 500 and other major indices, as it reduces the likelihood of short-term interest rate cuts.