The Reuters/University of Michigan preliminary July consumer sentiment report dropped to a reading of 81.3, which was below economists' expectation of 83. Sterne Agee's Chief Market Technician Carter Worth tells TheStreet's Joe Deaux that the weaker trending consumer data is bleeding through to consumer stocks traded on the S&P 500. While consumer data has slowly moved higher during the recovery, it's still below the historic average reading of 85, according to Worth. This suggests that consumers remain tight on the cash that their spending after paying for bills and their rent or mortgage.

undefined

If you liked this article you might like

Pizza Hut to Deliver 15 Degrees Hotter Pizza on National Pepperoni Pizza Day

Taco Bell Opening 300 Locations That Have No Drive-Thru But Sell Lots of Alcohol

Equifax CEO and Board Are Pretty Cozy

Alibaba Gets in On Apple's Facial Recognition Thing

Walmart, Starbucks Respond to Hurricanes the Best -- Others? Not So Much