Bad GE Numbers and Weak Consumer Confidence Hits Stocks

US equity markets are weaker today after a double dose of bad news: GE and Consumer Confidence.

Stocks started the day lower following a surprise profit miss and warning from Dow component General Electric (NYSE: GE). GE said its financial services businesses were challenged by a slowing U.S. economy and difficult capital markets. GE's stock is down nearly 11%.

The preliminary University of Michigan Consumer Confidence Index declined to 63.2, the lowest reading since March 1982 according to Bloomberg. Job losses, soaring gas prices and falling house values are all contributing to the weakness in consumer moods. [LJ]

You May Also Be Interested In

• Dutch Bros plummets on slowing sales, cut EBITDA outlook
• Magnolia Oil & Gas soars on earnings beat, strong guidance
• Vistra plunges 13.5% as Texas election rattles AI power trade, KeyBanc downgrades