07/13/18: The University of Michigan announced today that its early-July survey of U.S. households regarding their personal financial situations, job prospects and overall economic sentiment indicates that Americans, in the aggregate, continue to be optimistic about their employment prospects and their outlook for the U.S. economy.

However, according to the University, Americans economic sentiment and expectations deteriorated modestly during the first two weeks of July in response to “rising concerns about the potential negative impact of tariffs on the domestic economy”.

The University stated that Americans have also become concerned about a potential decline in the U.S. economy’s future pace of growth and an increase in the country’s inflation rate.

As you can see from the chart below, there’s a good chance that U.S. stock prices would trend lower in the event that Americans’ economic sentiment and expectations were to continue to deteriorate.