Welcome to Extreme Investor Network, where we bring you the latest updates and insights from the world of stock trading, Wall Street, and more. Today, we dive into the recent happenings in the stock market, focusing on key indicators and trends that traders need to know.
The ISM Manufacturing Employment index saw a decrease from 51.1 in May to 49.3 in June, falling short of the analyst consensus of 50.0. On the other hand, the New Orders index showed an increase from 45.4 to 49.3. The Institute for Supply Management noted that demand remains subdued, with companies hesitating to invest in capital and inventory due to current monetary policy and other conditions.
Meanwhile, traders had the opportunity to review the final reading of the S&P Global Manufacturing PMI report, which revealed an increase from 51.3 in May to 51.6 in June, slightly below the analyst forecast of 51.7.
In response to the weaker-than-expected report, the U.S. Dollar Index attempted to settle below the 105.60 level with Treasury yields on the rise. However, this move did not provide enough support to the American currency. Gold, on the other hand, gained ground despite the uptick in Treasury yields as traders focused on the dollar’s pullback, with spot gold currently trading near the $2330 level.
In light of these developments, the SP500 tested session lows as traders monitored the current trends in the U.S. manufacturing sector. Some traders may see the disappointing report as an opportunity to secure profits near historic highs.
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