The University of Michigan released the preliminary estimate for consumer confidence for the month of July, where consumer confidence dropped to 63.8, compared with the prior estimate of 71.5 and worse than median estimates of 72.0

The economic conditions index retreated to 63.8 from 71.5 reported in June, while the economic outlook index retreated to 76.3 in June from 82.0 in May.

The 1-Year inflation expectations index eased to 3.4%, compared with 3.8% in May, while the 5-Year inflation expectations index declined to 2.8% from 3.0%.