“There was not much to look at today: there were no results from large companies, (it was published) an indicator of manufacturing activity that was slightly better than expected, and the market was coming out of a very strong week and month,” he summarized to AFP. Art Hogan, of B. Riley Wealth.
“We were in a bit of a ‘wait and see’ mode,” he said.
US employment data is due out on Friday and is expected to show a weakening labor market, following last week’s second-quarter GDP contraction figure.
Specialists forecast the creation of 250,000 jobs, after 372,000 in June, and the stable unemployment rate at 3.6%, a level that remains close to the lowest historical level of 3.5% before the pandemic.
The growth of manufacturing activity in the United States moderated slightly in July, for the second consecutive month, according to the index of the professional federation ISM published on Monday.
The index fell to 52.8%, its lowest level since June 2020with a decrease of 0.2 points compared to June. Whenever the index is above 50%, it marks an expansion of activity.
The figure for July is, however, better than expected by the market. Analysts expected a ISM index at 52.1%, according to the consensus drawn up by MarketWatch.
The day had weak trading volumes, Hogan noted.
Results expected this week big S&P 500 firms like Caterpillar or Starbucks.
Among the values of the day, Boeing rose 6.1% a $169.07, since the American aviation authorities, FAA, are close to enabling it to resume deliveries of its 787, a year after discovering some manufacturing defects.
Source: Ambito
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