Wall Street futures edged lower on Tuesday ahead of more economic data that could clear the air on a soft landing for the U.S. economy, while investors also awaited earnings from some major pharma firms.
Today, all eyes are focused on the U.S. ISM Manufacturing PMI survey. Economists, on average, forecast that July ISM Manufacturing PMI will stand at 46.8, compared to the previous value of 46.0. Also on tap will be the Labor Department’s Job Openings and Labor Turnover Survey for June.
A Purchasing Managers’ Index (PMI) covering the euro zone as a whole showed manufacturing activity contracted in July at the fastest pace since COVID was cementing its grip on the world as demand slumped despite factories cutting their prices sharply. There was considerable weakness in Germany, Europe’s largest economy, while France and Italy, the second- and third-largest euro zone economies, also recorded marked deteriorations since June.
In Britain, outside the European Union, factory output contracted in July at the fastest pace in seven months, hit by higher interest rates and fewer new orders, despite weakening price pressures. China’s Caixin/S&P Global manufacturing PMI fell to 49.2 in July from 50.5 in June, missing analysts’ forecasts of 50.3 and marking the first decline in activity since April. Japan, South Korea, Taiwan and Vietnam saw manufacturing activity contract in July, surveys showed, highlighting the strain sluggish Chinese demand is inflicting on the region.
On the earnings front, major global companies like Merck & Co, Pfizer, AMD, Caterpillar, and Starbucks are set to report their quarterly figures today.
WTI crude futures held above $81 per barrel. Gold eased to around $1,960 an ounce while the yield on the US 10-year Treasury note held above the 3.95% mark.
CRWD was placed on the Platinum Paper Trade portfolio yesterday and closed up $6.06 / share. Check out more trading ideas on the Platinum Channel.
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