The ISM Manufacturing PMI dropped 1.3pt to 49pts, returning to the contractionary territory after two months above the neutral level of 50. The survey highlighted a rapid decline in demand, with the new orders index falling 3.4pt to only 45.2, the lowest level in almost two years and almost 10pts below the level only two months ago.
The Dow and the S&P 500 ended nearly unchanged, recovering from earlier lows following President Donald Trump’s comments on tariff reprieve. The benchmark 10-year Treasury yield rose but traded in a tight range on tariff and economic concerns. The dollar gained putting pressure on gold prices. Oil edged up as fresh Iran sanctions and latest output plan from the OPEC+ raised supply concerns.
The Nasdaq and the S&P 500 ended higher, while the dollar strengthened as cooler-than-expected inflation data calmed tariff concerns. Meanwhile, Treasury yields gained on potential inflationary impact of global trade war. Oil prices jumped on lower-than- expected oil and fuel inventories in the U.S. Safe-haven gold rose.
Wall Street plunged and Treasury yields fell on recession fears, triggered by relentless tariff wrangling and uncertainties surrounding U.S. trade policies. Economic growth and demand concerns weighed on oil prices too. The dollar weakened against the Japanese yen. Gold dropped on profit booking.
Concerns over the US growth outlook were amplified by Friday’s weak consumer spending data. Nevertheless, a recovery in tech stocks led US equity prices higher. Government bond yields were lower, as market pricing for the fed funds rate switched to price in more interest rates cuts this year.
Stocks ended down as Nvidia results failed to rekindle an AI rally. Treasury yields rose ahead of the crucial PCE data. The dollar was up as tariff threats loom, pushing gold prices down. Oil climbed on supply concerns after U.S. President Doanld Trump revoked Chevron’s Venezuela deal.
The Nasdaq and the S&P 500 tumbled and the dollar slipped in the face of mounting economic uncertainties. Treasury yields also slipped following a dour consumer confidence report. Oil prices plunged on tariff worries. Profit booking pushed gold prices to their lowest level in over a week.
