Asian Stock Market Indices: HSI, Nifty 50, CSI 300
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U.S.Stock Market Closes Lower Amid Big Tech Earnings and economic Data
U.S. stock markets closed lower on Friday, April 26, 2024, as investors reacted to a mixed bag of Big Tech earnings reports and key economic indicators. The Institute for Supply Management (ISM) released its manufacturing PMI, a widely tracked snapshot of factory and services activity, influencing market sentiment.
The S&P 500 decreased by 0.99%, finishing the day at 6,822.34. The Nasdaq Composite experienced a more meaningful drop of 1.57%, closing at 23,581.14. The Dow jones Industrial Average fell 109.88 points, or 0.23%,to 47,522.12.
Earnings Reports and Market Reaction
several major technology companies released their earnings reports, contributing to the day’s market volatility. Investor reactions varied depending on the specific results and forward guidance provided by each company. Details of these reports are available from sources like Reuters and Bloomberg.
ISM Manufacturing PMI: A Closer look
The ISM Manufacturing PMI is a crucial indicator of economic health, providing insights into the manufacturing sector’s performance.A reading above 50 indicates expansion, while a reading below 50 suggests contraction. The latest report,released on April 1,2024,showed a reading of 49.2%, indicating a slight contraction in manufacturing activity. ISM’s report details the components of the index, including new orders, production, employment, supplier deliveries, and inventories.
| ISM Manufacturing PMI Components (April 2024) | Value |
|---|---|
| new Orders | 45.5 |
| Production | 48.6 |
| Employment | 47.4 |
| Supplier Deliveries | 48.6 |
| Inventories | 49.1 |
| Overall PMI | 49.2 |