After a three-month surge to 5 year highs, beating expectations month-after-month, it seems surging mortgage rate and surging gas prices trump (at least for now) the all-time record high in stock prices. This is the first drop in 5 months, the first miss in 4 months but what is most worrisome for the apparent discounting mechanisms of the 'efficient' markets is the plunge in future expectations (after a 3 month surge of hope) even as the present situation continues to rise in survey respondent's minds. This is particularly worrisome in the employment outlook as those that see fewer jobs in the future rose and those that see more jobs in the future fell for the first time in 4 months.
[3]