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Stocks - Wall Street Falls After Weak ISM Data

Stock MarketsOct 01, 2019 10:29AM ET
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© Reuters.

Investing.com – Wall Street tumbled on Tuesday after weak ISM manufacturing data sparked concerns that the U.S. economy could be slowing down.

The Dow fell 131 points, or 0.5%, by 10:20 AM ET (14:20 GMT), while the S&P 500 was down 11 points, or 0.4%, and the Nasdaq composite lost 8 points, or 0.1%.

The closely watched ISM manufacturing index came in lower than expected, increasing tensions that the impact of the the trade war with China is spilling over into the domestic economy.

The data follows disappointing results from the euro zone, which showed that manufacturing activity in the bloc contracted at its fastest rate in seven years.

Bank stocks fell, with Bank of America (NYSE:BAC) down 1% and JPMorgan Chase (NYSE:JPM) losing 0.5%, while Citigroup (NYSE:C) ticked down 0.4%. Charles Schwab (NYSE:SCHW) declined 8.9% after it said it would eliminate commissions on U.S. stock, ETFs and options investments.

Elsewhere, Spotify (NYSE:SPOT) jumped 1% due to an analyst upgrade, while Apple (NASDAQ:AAPL) gained 1% and Amazon.com (NASDAQ:AMZN) was up 0.1%.

In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.3% to 99.278 and gold futures fell 0.3% to $1,469.15 a troy ounce. Crude oil futures gained 1% to $54.59 a barrel.

Stocks - Wall Street Falls After Weak ISM Data
 

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Mark Hayek
Mark Hayek Oct 01, 2019 11:51AM ET
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the slowdown is now backing up the highway.. now manuf  will slow down more, and prices will need to fall to encourage more spending at the consumer level.  unles we get a rate cut, to stimulate the consumer, and the ISM
Andrew carson
Andrew carson Oct 01, 2019 11:29AM ET
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Wake up Powell.
Brad Dover
Brad Dover Oct 01, 2019 11:02AM ET
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ALL THIS MAGA.is giving me goosebumps
Van Doza
Van Doza Oct 01, 2019 11:02AM ET
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Thanks for sharing.
 
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