Like other recent surveys, the data showed US households are much more concerned about where the economy is heading than where it is currently. So far, actual economic activity and the job market seem to be holding up despite the worsening moods of US companies and consumers.
On Wall Street, Trump Media & Technology Group jumped 6.7 per cent after the company behind the president’s Truth Social platform said it had reached an agreement with Crypto.com to offer a suite of “America-First” investment funds.
The exchange-traded funds will hold bitcoin and other digital assets, along with what TMTG called “securities with a Made in America focus spanning diverse industries such as energy.” Crypto.com will support the backend technology, provide custody, and supply the cryptocurrencies for the ETFs, which will operate under TMTG’s Truth.Fi brand.
Homebuilder KB Home dropped 4.6 per cent after reporting weaker profit and revenue for the latest quarter than analysts expected. Already mired in a slump, homebuilders may face potentially rising costs due to tariffs, which they will have to pass on to buyers. A report on Tuesday morning said US sales of new homes last month were slightly weaker than economists expected.
Spice seller McCormick wavered following a weaker-than-expected profit report. It shook off an earlier slip and rose 0.8 per cent. It said it’s dealing with “current uncertainty of the consumer and macro environment.”
Tesla was drifting between modest gains and losses and was most recently down 0.1 per cent following more grim sales figures from Europe.
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European sales of Tesla’s electric vehicles dropped by nearly half during the first two months of the year, compared with a year earlier, even as the overall market for battery-powered cars grew, according to the European Automobile Manufacturers Association.
In addition to an ageing model line, drops in sales may be due in part to CEO Elon Musk’s endorsement of Germany’s far-right party in last month’s national election, his embrace of fringe political movements, and a gesture during a Trump event in January that many saw as a Nazi salute. Tesla is also facing increasing competition from Chinese carmakers such as BYD.
In stock markets abroad, indexes rose in much of Europe following a mixed finish in Asia.
