NY Empire State Manufacturing Index (Aug) -19 vs -1 Est.
Portfolio Pulse from Benzinga Newsdesk
The NY Empire State Manufacturing Index for August has significantly underperformed expectations, coming in at -19 versus the estimated -1.
August 15, 2023 | 12:31 pm
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NEGATIVE IMPACT
The poor performance of the NY Empire State Manufacturing Index could negatively impact the SPY ETF, which tracks the S&P 500 and is sensitive to overall economic indicators.
The SPY ETF tracks the S&P 500, which is a broad representation of the US stock market. A significant underperformance in the NY Empire State Manufacturing Index, a key economic indicator, could signal a weakening economy, which may negatively impact the overall stock market and, by extension, the SPY ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75