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.

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