US Stocks Drop After US Manufacturing Contracted in September

October 1, 2019 Share Print 0

Wall Street’s main indexes dropped sharply on Tuesday after data showed U.S. manufacturing contracted for the second straight month in September, fanning fears of slowing growth in the world’s largest economy.

ISM’s U.S. manufacturing activity index fell to 47.8 in September, the lowest since June 2009, below economists’ expectations of 50.1.

At 10:05 a.m. ET, the Dow Jones Industrial Average .DJI was down 53.23 points, or 0.20%, at 26,863.60, the S&P 500 .SPX was down 4.35 points, or 0.15%, at 2,972.39. The Nasdaq Composite .IXIC was up 12.18 points, or 0.15%, at 8,011.52.

Moments before the data, the Dow Jones Industrial Average .DJI was up 113.19 points, or 0.42%, at 27,030.02, the S&P 500 .SPX was up 13.07 points, or 0.44%, at 2,989.81. The Nasdaq Composite .IXIC was up 58.08 points, or 0.73%, at 8,057.42.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.