Major indexes are lower. Weakness may be due to August's ISM Manufacturing PMI data indicating an economic contraction and pending non-farm payrolls data that may determine the size of future rate cuts.
Portfolio Pulse from Benzinga Newsdesk
Major indexes are experiencing a downturn, potentially due to August's ISM Manufacturing PMI data showing economic contraction and anticipation of non-farm payrolls data, which could influence future rate cuts.
September 03, 2024 | 7:35 pm
News sentiment analysis
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NEGATIVE IMPACT
DIA, representing the Dow Jones Industrial Average, is likely affected by the economic contraction indicated by the ISM Manufacturing PMI data.
DIA is a major index ETF that tracks the Dow Jones Industrial Average. Economic contraction data typically leads to a negative sentiment in the market, affecting major indexes like the Dow.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
IWM, representing the Russell 2000, may see negative impact due to economic contraction concerns from the ISM Manufacturing PMI data.
IWM tracks the Russell 2000, which includes smaller companies that are sensitive to economic conditions. Contraction data can lead to a negative outlook for these companies.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
QQQ, representing the Nasdaq-100, might be negatively impacted by the economic contraction indicated by the ISM Manufacturing PMI data.
QQQ tracks the Nasdaq-100, which includes tech-heavy stocks. Economic contraction can lead to reduced investor confidence in growth stocks.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
SPY, representing the S&P 500, is likely to be affected by the economic contraction indicated by the ISM Manufacturing PMI data.
SPY is an ETF that tracks the S&P 500, a broad market index. Economic contraction data typically results in a negative market sentiment, impacting SPY.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85