The preliminary reading from the Reuters/University of Michigan Consumer Sentiment report is out at 81.2 for the first look at June. Bloomberg had a consensus estimate of 83.0.
The current conditions reading was 95.4, and the expectations was down at 72.2. In short, the reading is front-end loaded with expectations that are far less rosy that the current month.
May's reading was 81.9, so there was a small drop in sentiment instead of a small gain that was expected.
Equity markets had been trying to recover ahead of the report on Friday morning, but the S&P 500 Index is back down 1.50 and the Dow Jones industrial Average is now down about 10 points.
As a reminder, this reading is the preliminary reading for June and it will be revised. We generally assume that the Conference Board's reading of consumer confidence is more accurate, due to a much larger polling sample, but this is the first of the live sentiment readings of the month so it still moves markets.