US consumer confidence plunges in February in its biggest decline in four years
1. US consumer confidence fell to 98.3, below economists' expectations. This is the largest drop since August 2021. 2. The S&P 500 declined by 0.7% immediately after the report. Wall Street experienced a similar downturn. 3. Recession concerns escalate as short-term income and job market expectations weaken. Consumer pessimism hits a nine-month high. 4. US retail sales dropped 0.9% in January amid colder weather. Consumer spending, a key economic driver, weakened.