Consumer confidence 'often lowest before a market rally' -CIO

STORY: U.S. consumer confidence dropped to nearly a 1-1/2-year low in July amid persistent worries about higher inflation and rising interest rates, which could undercut spending, pointing to slower economic growth at the start of the third quarter.

The survey from the Conference Board on Tuesday showed consumers sharply reassessing their spending plans this month, with the share of those polled intending to purchase major appliances like refrigerators and washing machines over the next six months the smallest since the current series began in late 2010.