Dow Jones Lower after PMI Hits Three Year Lows
Wall Street indices started sharply lower today with the Dow Jones giving up 0.83% at 26,185.49. The Nasdaq currently is trading 0.44% lower at 7,926, while the S&P 500 trading 0.69% lower at 2,906.95 as trade war tensions escalate. United States ISM Manufacturing PMI came in at 49.1 at three year lows, and below forecasts of 51 in August; ISM Prices Paid came in at 46 below forecasts of 46.3 in August. The Construction Spending (MoM) came in at 0.1% also below forecasts of 0.3% in July.
The CBOE Volatility Index or fear index, is adding 12.42% at 20.10 just to confirm the nervous market mood.
Dow Jones getting a boost from Pfizer +0.93%, Merck +0.17% and Walmart +0.09 on the other hand Apple is -1.29%, Walt Disney -1.11%, Goldman Sachs -2.06% and Boeing -3.08.
Dow Jones retreats today trading below the 100 day moving. On the downside Dow Jones first support stands at 26,175 today’s low and then at 25,626 the 50 day moving average. On the upside immediate resistance is at 26,198 today’s high and then at 26,566 the 200 day moving average. The outlook for Dow Jones is neutral for the short term.
The European Indices trading lower today, the DAX 30 is 0.15 percent lower at 11,936 while CAC 40 in Paris trades 0.41 percent lower at 5,468. The FTSE 100 is 0.33 lower at 7,257.