Uh... Happy October1st
U.S. stocks accelerated their slide Tuesday after the Institute for Supply Management’s survey of U.S. manufacturers showed the sector falling deeper into contraction, as President Trump’s trade war with China drags on.
What’s driving the market? The ISM’s September survey on manufacturing firms registered at 47.8%, down from 49.1% in July, below the 50.2% predicted by economists polled by MarketWatch, and the worst reading since June 2009. Any reading below 50% indicates contraction. “Job creation may be hampered as firms employ fewer workers to produce goods and services for export,” warned Roberto Azevêdo, the WTO’s director general, in the most recent global forecast by the Geneva-based organization.
However, Federal Reserve Bank of Chicago President Charles Evans said earlier Tuesday that the U.S. central bank’s most recent interest rate cuts have helped to maintain the economic expansion now in its record-setting 11th year, despite headwinds from the protracted Sino-American trade dispute. McCormick & Co. MKC, +6.78% reported fiscal third-quarter profit that beat expectations, and raised its full-year 2019 outlook Tuesday morning, sending shares higher Tuesday. The company came up short of revenue expectations, however.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yemen's Houthi rebels release nearly 300 detainees – ICRCHouthi rebels have released 290 detainees captured over the years and held in several detention centers across the war-torn Yemen - International Committee of the Red Cross
Read more »
Dow sinks 150 points after ISM manufacturing report comes in at worst level since financial crisisU.S. stocks relinquished firm gains to turn negative Tuesday morning after a closely watched reading on manufacturing in the U.S. came in at its worst level...
Read more »
What to watch today: Dow to start Q4 higher, Giuliani subpoenaed, and China celebrates 70 yearsU.S. stock futures point higher this morning on the back of renewed optimism in U.S.-China trade talks.
Read more »
Apple's stock surges back above $1 trillion market cap in intraday trading, pacing DowShares of Apple Inc. rallied 2.4% in midday trading toward a near 11-month high, after J.P. Morgan raised its price target, citing signs of...
Read more »
What to watch today: Dow to rise as Q3 ends and whistleblower to testify 'soon'U.S. stock futures point higher this morning, closing out the third-quarter and concluding a volatile three months on Wall Street.
Read more »
German manufacturing recession deepens, growth outlook darkensGermany's manufacturing recession deepened in September with factories reco...
Read more »