ISM Manufacturing PMI Drops To 47.8, Missing Analyst Expectations

On March 1, 2024, the Institute for Supply Management released ISM Manufacturing PMI report. The report indicated that ISM Manufacturing PMI declined from 49.1 in January to 47.8 in February, compared to analyst consensus of 49.5.

The Institute for Supply Management commented: “The U.S. manufacturing sector continued to contract (and at a faster rate compared to January), with demand slowing, output easing and inputs remaining accomodative.”

Today, traders also had a chance to take a look at the final reading of the S&P Global Manufacturing PMI report. The report indicated that S&P Global Manufacturing PMI increased from 50.7 in January to 52.2 in February, compared to analyst consensus of 51.5.

The final reading of Michigan Consumer Sentiment report showed that Consumer Confidence declined from 79 in January to 76.9 in February, compared to analyst consensus of 79.6.

U.S. Dollar Index is mostly flat as traders react to the economic reports. Treasury yields continue to move lower, which is bearish for the American currency.

Gold settled above the $2050 level and is trying to gain additional upside momentum. Market sentiment stays bullish, and it looks that some traders want to hedge against a potential pullback in the equity markets.

SP500 tests the 5100 level despite the disappointing ISM Manufacturing PMI report. Traders remain focused on tech stocks, which are not sensitive to manufacturing data.

For a look at all of today’s economic events, check out our economic calendar.