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Stock Market News Today, 03/01/24 – Indices Finish Higher; Manufacturing Data Disappoints
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Stock Market News Today, 03/01/24 – Indices Finish Higher; Manufacturing Data Disappoints

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U.S. indices finished higher amid new economic data.

Last Updated: 4:10PM EST

Stock indices finished today’s trading session in the green. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) gained 0.23%, 0.8%, and 1.44%, respectively. Furthermore, the U.S. 10-Year Treasury yield decreased to 4.19%, a seven basis points drop.

Earlier today, the Institute for Supply Management released its monthly report for the ISM Manufacturing Purchasing Managers’ Index, which measures the month-over-month change in production levels. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 47.8, which was lower than the expected 49.5.

In addition, the Census Bureau released its U.S. Construction Spending report, which measures the month-over-month change in construction spending. During January, the amount of spending decreased by -0.2%, which was lower than the expected growth of 0.2% predicted by forecasters.

First Published: 4:27AM EST

U.S. futures were mixed on early Friday, following solid momentum in February. Futures on the Nasdaq 100 (NDX) and S&P 500 (SPX) rose 0.25% and 0.11%, respectively, while those tied to the Dow Jones Industrial Average (DJIA) were down 0.2% at 4.25 a.m. EST, March 1.

All three indices ended February in the green, marking their fourth consecutive positive month, buoyed by the artificial intelligence-driven rally and optimism over interest rate cuts.

Remarkably, the Personal Consumption Expenditures (PCE) index report, released yesterday, revealed a 0.4% increase in January, in line with market expectations. Since policymakers’ decision to reduce interest rates is greatly dependent on any signs of subsiding price pressures, the report is expected to reignite rate-cut hopes.

Key economic data due for release today include the U.S. construction spending and the ISM Manufacturing index. On the earnings front, Plug Power (PLUG) and RadNet (RDNT) will announce results today.

Meanwhile, the U.S. 10-year treasury yield is up, floating near 4.27% at the time of writing. Also, the WTI crude oil futures are trending higher, hovering near $78.43 per barrel as of the last check on strong oil demand expectations.

Elsewhere, major European indices started the month on a positive note, as investors look forward to Eurozone inflation data due for release today.

Asia-Pacific Markets Ended Higher on Friday

Asia-Pacific indices ended in the green today owing to a strong rally in technology stocks.

Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices closed higher by 0.47%, 0.39%, and 1.12%, respectively. Similarly, Japan’s Nikkei and Topix indices ended up by 1.9% and 1.26%, respectively.

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