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%.
ISM to Release February US Manufacturing PMI Report
The Institute for Supply Management (ISM) is set to release the highly anticipated February United States (US) Manufacturing Purchasing Managers’ Index (PMI), a reliable indicator of the US manufacturing sector’s health and the overall economy. Market players will pay close attention to the figures, which are expected to improve, as well as the ISM Prices Paid Index and the Employment Index. The upcoming release is expected to provide valuable insights into the state of the US manufacturing sector and potential market impacts.
South African Manufacturer Sentiment Slumps to Lowest Level Since 2020 Lockdown
A gauge measuring South African manufacturer sentiment has slumped to the lowest level since the strictest months of the Covid-19 lockdown in 2020, as demand and activity deteriorated sharply. Absa Group Ltd.’s purchasing managers’ index, compiled by the Bureau for…
Private Sector in Germany Remains in Downturn, US Output Growth Reaches Fastest Pace
The latest HCOB ‘flash’ PMI® survey compiled by S&P Global showed that the private sector in Germany remained in a downturn as business activity fell for a seventh straight month in January. The survey also indicated signs of broad-based weakness…
UK Factory Output Lower Than Expected After Fall in Domestic and Export Orders
UK Factory Output Lower Than Expected After Fall in Domestic and Export Orders By Economics correspondent Richard Partington Britain’s factories started the year on a weaker footing after 17 consecutive months of contraction, as higher borrowing costs and a slump…