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.
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