Stocks on Wall Street were flat in early trading following a weaker than expected reading on consumer confidence and as investors continued to reflect on the possible effects of the Fed's rate cut. By mid-morning, the Dow Jones was up just 1.5 points to 9,081.28 and the Nasdaq was up 14.2 points to 1,648.36. Today's University of Michigan consumer sentiment report showed that US shoppers were less optimistic about the future of the economy in June. The index fell to 89.7 during June, compared with a preliminary reading of 87.2 and May's final figure of 92.1. Economists had expected that the figure would slip to 87.3.
A previous report showing that falling prices in US stores had carried through in May and June to more spending power for consumers also failed to boost investor confidence. In corporate news, world-leading leisurewear brand Nike tumbled 5.5pc after it missed Wall Street's fourth-quarter earnings estimates. The stock had rallied yesterday after the US Supreme Court dismissed a case against the company for false advertising. ///www.fxcentre.com