US Manufacturing Sector Contracts Again as PMI Hits Lowest Level in Over a Year
The latest ISM report reveals a concerning decline in the U.S. manufacturing sector, with the Manufacturing PMI dropping to 46.5 in October, marking seven months of contraction. This downturn is attributed to a significant fall in production and ongoing challenges such as inflation and labor disputes. As businesses face a cautious economic environment, stakeholders must stay informed about potential market fluctuations.
Stock Market Sees Dow End 240 Points Lower as Bond Yields Climb
The stock market today saw the Dow ending 240 points lower as bond yields climbed. The S&P 500 traded near unchanged, and the Dow Jones Industrial Average edged further into negative territory after a closely watched survey of U.S. manufacturing activity unexpectedly returned to expansion territory. The Institute for Supply Management’s manufacturing index rose to an 18-month high of 50.3% in March from 47.8% in the prior month, surpassing economists’ predictions. Figures above 50% signal an expansion in activity. The strong data appeared to fuel a selloff in Treasurys, sending yields higher and softening stock indexes. March marked the first time in 17 months that the barometer of business conditions at American manufacturers turned positive, indicating a potential revival in the industrial sector. The DJIA (Dow Jones Global) closed at 39,180.02, showing a 0.02% increase, while the S&P 500 (S&P US) closed at 5221.14, with a 0.29% increase. The Nasdaq (NASDAQ) closed at 16,320.78, up by 0.49%.