Wall St. retreats on soft ISM data, tariffs over metal imports

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Wall St. retreats on soft ISM data, tariffs over metal imports

On Monday, the 2nd of December 2019, all three key indexes of Wall St. had widened their gaps from a record closing high reached last week, as bleak US manufacturing data alongside fresh trade tensions had kept large buyers at bay.

Aside from that, a thinner volume of trades following investors’ return from a long holiday weekend had also played its parts on Monday’s (December 2nd) downfall, nonetheless, Monday’s (December 2nd) Wall St.

was almost entirely withered by a report from the Institute of Supply Chain Management (ISM) showing US manufacturing activity, accountable for one-fifth of all US economic activities, contracted for the fourth straight month in a row, raising concerns that the longest streak of gain for a US economy entering into its 124th month might have begun to lose stream.

Aside from that, a surprise ambush from the US President Donald Trump sent to the officials of Brazil and Argentina early morning on Monday (December 2nd) saying that the United States would immediately restore metal tariffs on imports from the first- and fourth-largest economy of Latin America, casted fresh clouds on a slowing US economy amid an escalated trade spat with Beijing.

Meanwhile, adding that a downward spiral for US stocks might persist in the short term, a chief market strategist at Bruderman Asset Management in New York, Oliver Pursche, said on Monday’s (December 2nd) Wall St. closure, “The weaker-than-forecast manufacturing data doesn’t help.

That trend is likely to continue in the short term. The question is will consumers continue to keep the economy afloat. And so far, the preliminary data regarding Black Friday spending is very positive. It’s a big number.

” Citing statistics, on Monday’s (December 2nd) Wall St. closure, Dow nosedived 0.95 per cent to 27,784.06, S&P 500 shredded off 0.86 per cent of its earlier gains, while the tech-heavy Nasdaq was nudged 1.12 per cent lower to 8,567.99 on Monday’s (December 2nd) Wall St. wrap-up.