Here comes consumer confidence ...

The latest reading on consumer confidence from the University of Michigan is set for release at 10:00 a.m. ET.

Economists estimate that the preliminary consumer sentiment index for October was 89, according to Bloomberg. It read at 87.2 in the prior period, which was one of the lowest levels of the year.

Here’s Credit Suisse’s preview of the release: “Supporting factors include retail gasoline prices, which have continued to move lower in recent weeks. Although the pace of job creation cooled off a bit in September, the unemployment stayed low and the general message is consistent with continued improvement in the labour market. The stock market has recovered some of its losses since the last release, which should help put a floor on consumer sentiment.”

We’ll be back with the latest once the data cross.

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