U.S. stocks turned positive in choppy trading on Thursday as U.S. services secto...
- U.S. stocks turned positive in choppy trading on Thursday as U.S. services sector activity slowed to a three-year low, raising expectations of another interest rate cut by the Federal Reserve to stem a wider economic downturn.
Wall Street’s main indexes dropped about 1% after the ISM’s non-manufacturing activity index for September fell to 52.6 from 56.4 the month before and below expectations of 55.0. Still, a reading above 50 denoted an expansion in the sector. “The degradation of the data, especially the non-manufacturing data, kind of pushes that to the Fed doing another cut,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
Market participants now await a pivotal jobs report on Friday after dismal manufacturing and hiring data triggered two days of sharp losses, with the indexes recording their deepest one-day percentage slide in six weeks on Wednesday.
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.
U.S. skies still bright for Main Street banks even as Wall Street fretsThe view from Wall Street may be all trade wars, tariffs and uncertainty these d...
Read more »
Wall Street tumbles as factory activity hits 10-year lowThe S&P 500 and Dow suffered their worst tumbles in over a month on Tuesday afte...
Read more »
US futures point to a higher open on Wall StreetU.S. stock index futures were trading higher on Wednesday morning.
Read more »
Wall Street set to open lower as manufacturing shock drags onWall Street's main indexes were set to open lower on Wednesday, after hitti...
Read more »
Wall Street eyes steepest slide in nearly six weeks on growth worriesU.S. stocks fell to more than a one-month low and were set to post their sharpes...
Read more »