USA Richmond Manufacturing Index For September -21 Vs -13 Est.; -19 Prior
Portfolio Pulse from Benzinga Newsdesk
The USA Richmond Manufacturing Index for September reported a value of -21, which is worse than the estimated -13 and the prior month's -19. This indicates a further decline in manufacturing activity in the Richmond area.
September 24, 2024 | 2:00 pm
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The Richmond Manufacturing Index's decline to -21, worse than expected, may negatively impact SPY as it reflects broader economic weakness.
The SPY ETF, which tracks the S&P 500, could be negatively impacted by the worse-than-expected Richmond Manufacturing Index. This index is a regional economic indicator, and its decline suggests potential broader economic challenges, which could weigh on the overall market sentiment and SPY's performance.
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