The First Slice for Friday, December 2, 2022

U.S. stocks finished a choppy session mostly lower on Thursday after the ISM manufacturing index showed American factory activities contracted to a 30-month low in November.

  • The Dow fell -194.76 or -0.56%
  • The S&P 500 shed -3.54 or -0.09%
  • The Nasdaq gained +14.45 or +0.13%

The Institute for Supply Management’s manufacturing index, a key barometer of activity at American factories, fell to 49% in November, down from 50.2% in October. The ISM report is viewed as a window into the health of the economy, and numbers below 50% signal the economy is contracting.

Stocks turned down on profit-taking after Wednesday’s big jump, said Michael Hewson, chief market analyst at CMC Markets, in a note, while the ISM data underlined expectations the Fed has room to slow down the pace of rate increases.

Earlier, a gauge of U.S. inflation, the personal consumption expenditures index, rose a modest 0.3% in October, adding another piece of evidence that points to slowly easing price pressures. The yearly rate of inflation slowed to 6% in October from 6.2% in the prior month and a 40-year high of 7% last summer. The core gauge that strips out volatile food and energy costs, rose 0.2% last month, below the consensus estimate of 0.3% collected from economists by Dow Jones……Click here to read the source article[read more]

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