U.S. consumer confidence falls to lowest level since 2014

The Conference Board Consumer Confidence Index plunged to 81.9 in September, down from last month’s upwardly revised reading of 88.6 — far below analysts’ expectations of a rise toward 90 and the lowest level since 2014, as Investor’s Business Daily reports.

The number of consumer comments complaining about the high cost of goods and services — and especially about oil and fuel prices — hit new record levels. The share of consumers saying business conditions are “good” versus those saying they are “bad” fell 3.4 percentage points to minus 1.9%; the share saying jobs are “hard to get” versus those saying there are “plenty of jobs” also rose.

The Dow Jones fell more than 200 points (0.4%) in Tuesday’s session, while the S&P 500 moved between positive and negative territory. Among the winners, technology and chip stocks shone: Nvidia rose nearly 1%, breaking a technical entry at 229.98.

WTI oil futures steadied around $91.30 a barrel, while the yield on the 10-year U.S. Treasury note climbed to around 5.26% — the highest in nearly two decades — on renewed fears of inflation fueled by the war with Iran.