What Happened?
A number of stocks fell in the afternoon session after the latest U.S. consumer confidence report revealed underlying weakness despite a headline increase, raising concerns about future spending.
While the Conference Board's headline Consumer Confidence Index rose to 97.2 in July, the details painted a more cautious picture for investors. The Present Situation Index, a measure of consumers' assessment of current business and labor market conditions, actually fell. More telling for the sector, the report showed a decline in buying intentions for major discretionary items such as homes, cars, and most appliances. This combination of factors signals potential weakness in future consumer spending, casting a shadow over companies that rely on non-essential purchases.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Footwear company Caleres (NYSE:CAL) fell 4.5%. Is now the time to buy Caleres? Access our full analysis report here, it’s free.
- Apparel and Accessories company Carter's (NYSE:CRI) fell 3.5%. Is now the time to buy Carter's? Access our full analysis report here, it’s free.
- Apparel and Accessories company Oxford Industries (NYSE:OXM) fell 4.4%. Is now the time to buy Oxford Industries? Access our full analysis report here, it’s free.
- Broadcasting company Gray Television (NYSE:GTN) fell 4%. Is now the time to buy Gray Television? Access our full analysis report here, it’s free.
- Broadcasting company E.W. Scripps (NASDAQ:SSP) fell 7.1%. Is now the time to buy E.W. Scripps? Access our full analysis report here, it’s free.
Zooming In On E.W. Scripps (SSP)
E.W. Scripps’s shares are extremely volatile and have had 94 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 18 days ago when the stock dropped 7.3% on the news that the Trump administration announced intentions to impose a 35% tariff on many goods imported from Canada.
This move was far more than a typical trade dispute; it targeted the United States' largest and most deeply integrated trading partner. Canada is not merely a neighbor but a critical component of North American supply chains, particularly in sectors like automotive, energy, and critical minerals.
This move also sparked concerns about potential retaliatory actions and a wider impact on the North American economy, leading to a risk-off sentiment among investors. The S&P 500, Dow Jones Industrial Average, and Nasdaq all opened lower, pulling back from recent record highs and heading for their first weekly loss in three weeks.
E.W. Scripps is up 23.8% since the beginning of the year, but at $3.12 per share, it is still trading 24.8% below its 52-week high of $4.15 from July 2025. Investors who bought $1,000 worth of E.W. Scripps’s shares 5 years ago would now be looking at an investment worth $277.21.
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