According to The Kobeissi Letter, a recent University of Michigan (UMich) survey shows that a record 12% of US consumers see no chance of stock market gains over the next 12 months. This percentage has tripled in just two months, marking an all-time high in consumer pessimism. For traders, this surge in bearish sentiment could signal increased volatility and potential short-term downside pressure on US equities as retail investor confidence wanes. Source: The Kobeissi Letter via Twitter, April 28, 2025.