Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the Stock Market, trading, and Wall Street trends. Today, we’re diving into the recent economic reports and their impact on the market.
The New Orders Index and Production Index both saw decreases in August, indicating a slowdown in demand and production levels. The Institute for Supply Management highlighted that companies are hesitant to invest in capital and inventory due to uncertainty surrounding federal monetary policy and the upcoming election.
In addition to this, the final reading of the S&P Global Manufacturing PMI report revealed a decline from July to August, falling below analyst forecasts. This news had traders closely monitoring the U.S. Dollar Index, which struggled to stay below the 101.60 level as Treasury yields moved lower.
Meanwhile, the price of Gold hovered near $2485 amidst a widespread pullback in commodity markets. The question remains whether the PMI data will significantly impact the dynamics of the gold market.
On Wall Street, the SP500 experienced a pullback towards the 5580 level as traders reacted to the weaker-than-expected economic reports, raising concerns about the slowing U.S. economy.
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