US Manufacturing Crisis Worsens: Activity Shrinks For 8th Straight Month To Lowest In 3 Years
Portfolio Pulse from Piero Cingari
US manufacturing activity fell for the eighth consecutive month in June, marking the lowest level since May 2020, according to the latest ISM report. The manufacturing PMI was 46 in June, down from 46.9 in May. The S&P Global manufacturing PMI for June was confirmed at 46.3, indicating the sector's biggest contraction since December. Traders lowered their expectations for a September rate hike to 18%, down from 20%. The Invesco DB USD Index Bullish Fund ETF (UUP) eased by 0.1% after the release, while the SPDR S&P 500 ETF Trust (SPY) was up 0.15%.
July 03, 2023 | 2:26 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) was up 0.15% after the release of the ISM report.
Despite the negative manufacturing data, the SPY ETF, which tracks the S&P 500 index, was up, possibly due to other factors influencing the market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) eased by 0.1% after the release of the ISM report.
The negative manufacturing data could lead to a weaker dollar, which would negatively impact the UUP ETF, which tracks the performance of the US dollar.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80