- S&P 500 lost less than a point to close at 2,991.77.
- The Nasdaq Composite Index retreated 5.21 points, or 0.1% to 8,112.46.
- DJIA, ended a touch higher by 14.92 points, or 0.1%, to 26,949.99.
U.S. stocks ended mixed and relatively unchanged from Friday’s close while markets moved on from the trade war headlines, but instead focused on a decorating macroeconomic backdrop following a poor outcome in the eurozone PMIs. The S&P 500 lost less than point to close at 2,991.77, while the Dow Jones Industrial Average, DJIA, ended a touch higher by 14.92 points, or 0.1%, to 26,949.99. The Nasdaq Composite Index retreated 5.21 points, or 0.1% to 8,112.46.
US and Eurozone data
The flash US Manufacturing PMI lifted 0.7pts from August to 51.0, firmer than expected while EA manufacturing PMI for the eurozone plunged to a new cyclical low in September.
“The preliminary read dropped 1.4pts to 45.6, led by weakness in Germany where it tumbled 2.1pts to 41.4. Concerns that weak manufacturing activity is spilling over into the services industries are intensifying. The 1.5pt fall in the EA services PMI to 52.0 was the lowest read since January and prior to that, the lowest read since January 2014. The index for incoming new business fell 1.6pts to 50.9 and services exports fell 1.7pts to 47.5. Employment fell 0.5pts to 52.7. Both input and output price indices fell, dropping 1.2pts and 1.0pts respectively. These data suggest the ECB still has more work to do, and Draghi reiterated their willingness to do it,” analysts at ANZ explained.
DJIA levels
The index had dropped back below the 4-hour 21 moving average last week and it is acting as a resistance. Bears can target the 21-day moving average, the 50 and then the 200-day MA – Further below lies the May and June lows on the wide in the 24700s as a double-bottom target.
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