Market Brief: Worst Manufacturing PMI in a Decade
Publish Date : 2019/10/02 - 07:33

Market Brief: Worst Manufacturing PMI in a Decade

  • US data: The September ISM Manufacturing PMI report came in at just 47.8, below both the 50.0 reading expected and last month’s 49.1 print; this represents a 10-year low in the key economic gauge. The details of the report weren’t any better, with employment falling to 46.3 and new export orders dropping to just 41.0.
  • Commodities: Gold gained nearly 1% on the day. Oil ticked lower.
  • US indices closed roughly -1% lower across the board after the weak Manufacturing PMI report.

Stocks on the move:

  • Two of 2019’s biggest IPOs, Uber (UBER, -4%) and Lyft (LYFT, -4%) both hit fresh record lows today as selling pressure mounts.
  • Ford Motor Company (F) fell -3% after booking an impairment charge of $800-900M related to a sale of its assets to an Indian automaker.

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