Consumer confidence

Consumer confidence tumbles, but remains historically high

Data: The Conference Board; Chart: Axios Visuals

The stock market was also stung by a weak U.S. consumer confidence report from the Conference Board on Tuesday.

By the numbers: The index fell to 125.1 in September from a downwardly revised 134.2 in August. That was the biggest drop in 9 months, and the most the index has missed versus economists' expectations since 2010, according to Reuters.

Americans are saving at an unusually high level after Trump's tax cuts

People shopping.
People shopping. Photo: Spencer Platt/Getty Images

Americans have been socking away an unusually high rate of their income since the Great Recession, which economists warn could become harmful to the economy over an extended period of time, according to the Wall Street Journal.

Why it matters: Economists think that if the saving rate surpasses investments for several years, it could hinder economic growth and make it difficult for the Federal Reserve to cut interest rates to boost growth during the next downturn.