Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the Stock Market, trading, and all things related to Wall Street. Today, we’re diving into the latest economic data and how it’s impacting the markets.
The Production Index took a hit, declining from 1.6 in August to -3.2 in September, while the New Orders Index also decreased from -4.2 to -5.2. These numbers can give traders an idea of the health of the manufacturing sector and overall economic activity.
In addition, the Chicago PMI report for September showed a slight increase from 46.1 in August to 46.6 in September, slightly above the analyst forecast of 46.2. This data gives traders an insight into the business conditions in the Chicago area.
The U.S. Dollar Index was on the move higher as traders reacted to the Dallas Fed Manufacturing Index report. Currently, the Index is attempting to settle above the key level of 100.60. Treasury yields also gained ground today, providing further support to the American currency.
Gold markets saw some pressure in today’s session, moving away from session lows near $2630. Traders took some profits off the table near historic highs, causing gold to fluctuate in response to the economic data.
Meanwhile, the SP500 is approaching the 5750 level as traders digest the economic data. The index continues to consolidate near historic highs as traders await stronger catalysts for potential market moves.
For a comprehensive overview of today’s economic events and how they’re impacting the markets, be sure to check out our economic calendar. Stay tuned to Extreme Investor Network for more in-depth analysis and expert insights on all things related to the Stock Market and trading.