Welcome to Extreme Investor Network, where we provide you with unique and valuable insights into the world of the stock market, trading, and all things Wall Street. Today, we dive into the latest updates from the Institute for Supply Management and S&P Global Manufacturing PMI report.
The latest commentary from the Institute for Supply Management highlighted the subdued demand in the market, with companies showing hesitation to invest in capital and inventory. This cautious approach is driven by concerns about federal monetary policy direction and the fiscal policies proposed by major parties.
In addition, traders had the opportunity to review the final reading of the S&P Global Manufacturing PMI report for October. The report revealed an increase from 47.8 in September to 48.5 in October, surpassing analyst forecasts.
Despite a disappointing ISM Manufacturing PMI report, the U.S. Dollar Index climbed back above the 104.00 level, showcasing strong demand for the dollar leading up to the elections.
Gold prices settled near the $2755 level as traders closely monitored the reports. From a technical standpoint, gold is striving to break above the resistance at $2750 – $2760.
On the stock market front, the SP500 rebounded after a recent pullback, aiming to settle above the 5770 level. The weak ISM Manufacturing PMI report acted as a bullish catalyst for SP500 as traders placed bets on a dovish Fed stance.
For a comprehensive view of today’s economic events, be sure to check out our economic calendar for all the latest updates. Stay tuned to Extreme Investor Network for more exclusive insights and analysis to help you navigate the dynamic world of investing.