US Manufacturing PMI Tops Expectations In September, Hits 10-Month Peak
Portfolio Pulse from Piero Cingari
US manufacturing activity rebounded unexpectedly in September, with the ISM Manufacturing PMI surging to 49, its highest level since November 2022. The New Orders Index, Production Index, and Employment Index all improved, while the Prices Index decreased, suggesting lower input costs for manufacturers. The S&P Global’s US Manufacturing PMI also showed signs of recovery. The news had mixed effects on the stock market, with SPDR S&P 500 ETF Trust (SPY) down 0.1%, Invesco QQQ Trust (QQQ) up 0.6%, and SPDR Dow Jones Industrial Average ETF (DIA) down 0.3%.

October 02, 2023 | 3:08 pm
News sentiment analysis
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NEGATIVE IMPACT
The SPDR Dow Jones Industrial Average ETF (DIA) was down 0.3% following the news of the rebound in US manufacturing activity.
The unexpected rebound in US manufacturing activity could lead to increased economic activity and potentially higher interest rates, which may have contributed to the decline in DIA.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) was down 0.1% following the news of the rebound in US manufacturing activity.
The unexpected rebound in US manufacturing activity could lead to increased economic activity and potentially higher interest rates, which may have contributed to the slight decline in SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco QQQ Trust (QQQ) rose 0.6% following the news of the rebound in US manufacturing activity.
The unexpected rebound in US manufacturing activity could lead to increased economic activity and potentially higher interest rates, which may have contributed to the rise in QQQ.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80