Wall Street braces itself for a tough month ahead
- US Market
- 2 months ago
Wall Street traded lower on what is historically a tough month for U.S. markets, which is not aided by weak manufacturing number and tariffs being imposed by China on U.S. goods and vice versa since the beginning of the week.
The DJIA shed 1.1% as it ended the session at 26,118.02 points, while the S&P 500 dropped by 0.5% to close at 2,906.07 points and the Nasdaq also took on losses as it retreated by 1.1% to 7,874.16 points.
The U.S. manufacturing sector shrank in August, according to the Institute for Supply Management’s purchasing manager’s index, which showed a reading of 49.1 last month, down from 51.2 in July, its lowest since January 2016. Any reading below 50 indicates contraction. The less closely watched Markit PMI for August came in at 50.3, above the previous estimate of 49.9 but still the lowest reading since September 2009.
Source: Smart Trend Team