Welcome to Extreme Investor Network, where we provide unique and valuable information about the stock market, trading, and all things related to Wall Street. Today, we are diving into the latest updates from the ISM Manufacturing PMI report.
The recent ISM Manufacturing PMI report has once again highlighted the challenges facing the manufacturing sector, with economic activity contracting for the 18th time in the last 19 months. The New Orders Index saw a decline from 49.1 in April to 45.4 in May, while the Production Index also decreased from 51.3 to 50.2.
According to the Institute for Supply Management, demand remains elusive as companies are hesitant to invest due to current monetary policy and other conditions. Suppliers, on the other hand, continue to have capacity, with lead times improving and shortages becoming less severe.
In addition to the ISM report, traders also had the opportunity to review the final reading of the S&P Global Manufacturing PMI report. The report showed an improvement from 50 in April to 51.3 in May, surpassing analyst consensus of 50.9.
Following the disappointing ISM Manufacturing PMI report, the U.S. Dollar Index tested session lows as traders reacted to the news. Currently, the index is attempting to settle below the 104.25 level, while Treasury yields are moving lower, which could be bearish for the American currency.
Meanwhile, gold prices have surged above the $2340 level as traders focus on falling Treasury yields and the U.S. dollar’s pullback.
Stay tuned to Extreme Investor Network for more insights and analysis on the latest market trends and developments. Happy investing!