Shares of building and construction-related stocks are trading lower after July construction spending data missed estimates. The sector may be moving lower amid overall market weakness after August's ISM Manufacturing PMI data indicated an economic contraction.
Portfolio Pulse from Benzinga Newsdesk
Building and construction-related stocks are trading lower due to disappointing July construction spending data and overall market weakness following August's ISM Manufacturing PMI data indicating economic contraction.
September 03, 2024 | 7:11 pm
News sentiment analysis
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NEGATIVE IMPACT
CRH shares are likely affected by the lower-than-expected July construction spending data and overall market weakness due to economic contraction signals.
CRH, being a construction-related company, is directly impacted by the lower construction spending data. The overall market weakness due to economic contraction signals further pressures its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SUM's stock is trading lower due to disappointing construction spending data and broader market concerns over economic contraction.
SUM, as a company in the construction sector, is negatively impacted by the missed construction spending estimates and the broader market's reaction to economic contraction signals.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
USLM shares are under pressure due to missed construction spending estimates and market concerns over economic contraction.
USLM, involved in the construction sector, is affected by the lower-than-expected construction spending data and the market's reaction to economic contraction signals.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80