ISM Manufacturing PMI Rises To 48.4; Dow Jones Pulls Back

On December 2, 2024, the Institute for Supply Management released ISM Manufacturing PMI report for November.

The report indicated that ISM Manufacturing PMI improved from 46.5 in October to 48.4 in November, compared to analyst forecast of 47.5. Numbers below 50 show contraction.

New Orders index increased from 47.1 in October to 50.4 in November, while Production index improved from 46.2 to 46.8.

The Institute for Supply Management commented: “Demand continues to be weak but may be moderating, output declined again, and inputs stayed accommodative.”

Today, traders also had a chance to take a look at the final reading of S&P Global Manufacturing PMI report. The report showed that S&P Global Manufacturing PMI increased from 48.5 in October to 49.7 in November, compared to analyst forecast of 48.8.

U.S. Dollar Index tested new highs as traders reacted to the better-than-expected ISM Manufacturing PMI report. Currently, U.S. Dollar Index is trying to settle above the 106.70 level. Treasury yields are moving higher, providing additional support to the American currency.

Gold  settled below the $2650 level as traders focused on strong dollar and rising Treasury yields.

Dow Jones pulled back below 44,800 as traders took some profits off the table near historic highs.

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