Last Updated: 4:03 PM EST
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Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 1.12% and 0.24%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.29%.
Earlier today, Markit released its monthly report for the U.S. Manufacturing Purchasing Managers’ Index, which measures the activity levels of purchasing managers in the manufacturing sector. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 49,7, which was above the 48.8 that forecasters were looking for.
Similarly, the Institute for Supply Management also put out its monthly report for the ISM Manufacturing Purchasing Managers’ Index, which measures the month-over-month change in production levels. Using the same scoring system as above, the report came in at 48.4, which was also higher than the expected 47.7.
Nevertheless, it is worth noting that this figure is in an overall decline and has been slowly downtrending ever since its peak in April 2021, when it hit a high of 64.7. Indeed, this is the eighth consecutive month where manufacturing has contracted.
First Published: 4:15 AM EST
U.S. stock futures edged lower on Monday morning as the stock market entered the final month of the year. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.15%, 0.18%, and 0.19%, respectively, at 3:34 a.m. EST, December 2.
November was a strong month for the stock market, with both the Dow Jones and the S&P 500 witnessing their best monthly performances of 2024. This positive momentum was driven by strong post-election results rally and other favorable economic indicators. In the previous month, the Dow Jones, the S&P 500, and the Nasdaq Composite (NDAQ) gained 7.5%, 5.7%, and 6.2%, respectively.
With the 2024-end approaching, investors are awaiting the release of key economic data points today. These include the S&P final U.S. Manufacturing Purchasing Managers’ Index (PMI) and Construction Spending reports.
Other key economic reports scheduled for release this week include Factory Orders, S&P final U.S. Services PMI, and U.S. Unemployment Rate. Further, Fed Chair Jerome Powell will take center stage later in the week.
Moving to major corporate earnings reports, several companies such as Salesforce (CRM), Marvell (MRVL), ChargePoint (CHPT), Chewy (CHWY), Foot Locker (FL), DocuSign (DOCU), Lululemon (LULU), Hewlett Packard Enterprise (HPE), and Ulta Beauty (ULTA) will release their results this week. It must be noted that cybersecurity company Zscaler (ZS) is scheduled to release its quarterly earnings today.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.205% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $68.35 per barrel as of the last check.
Elsewhere, European indices opened lower on Friday morning, weighed down by concerns over the political situation in France and the unexpected departure of Stellantis (FR:STLAP) (STLA) CEO Carlos Tavares over the weekend.
Asia-Pacific Markets Ended Higher on Monday
Asia-Pacific indices were in the green today, buoyed by positive economic reports. Strong manufacturing data from China and increased capital expenditure by Japanese firms fueled optimism. Investors are now focused on upcoming political meetings in China later this month, anticipating potential policy announcements.
Hong Kong’s Hang Seng Index gained 0.65%. Also, China’s Shenzhen Component and Shanghai Composite indices were up by 1.36% and 1.13%, respectively. Further, Japan’s Nikkei and Topix indices closed higher by 0.80% and 1.27%, respectively.
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