Manufacturing PMI Falls to 46.8, Below Analyst Predictions

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The Institute for Supply Management recently commented on the state of the economy, highlighting that demand remains subdued due to current federal monetary policy and other conditions. This reluctance from companies to invest in capital and inventory has impacted the market sentiment.

In addition, traders had the opportunity to review the S&P Global Manufacturing PMI report for July. The report revealed a decline in Manufacturing PMI from 51.6 in June to 49.6 in July, falling slightly below analyst consensus of 49.5. Any number below 50 indicates contraction in the sector.

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Following the release of the ISM Manufacturing PMI report, the U.S. Dollar Index retreated to around 104.10 as traders reacted to the news. The report highlighted ongoing pressure on the manufacturing sector, prompting speculation about potential rate cuts from the Fed.

Meanwhile, Gold held steady near the $2450 level as traders analyzed the PMI data. The precious metal has been supported by dovish comments from Fed Chair Powell, contributing to its resilience in the market.

On the stock front, the SP500 experienced a slight pullback from session highs, aiming to settle below the 5540 level. This movement comes as traders take some profits off the table following a rally in previous sessions.

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