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Market news

1 October 2019

Major US stock indexes finished trading in the red

The main US stock indices fell significantly, as ISM data showed that activity in the US manufacturing sector continued to deteriorate in September, which provoked concerns about the slowdown in the world's largest economy.

A report published by the Institute for Supply Management (ISM) showed that the manufacturing PMI fell in September to 47.8 points from 49.1 points in August. The latter value was the lowest since June 2009. Analysts had expected the figure to rise to 50.1 points.

ISM Chairman Timothy Fiore in a report pointed out that trade confrontation with China has a negative impact on US production.

Representatives from the United States and China will meet in Washington next week to discuss a potential trade deal between the two largest economies in the world.

Additional pressure on the market was provided by McDonald's (MCD), which fell 2.53% after warning JPMorgan analysts that the company's comparable US sales in the third quarter could be below Wall Street forecast.

Most of the DOW components completed trading in the red (26 of 30). Outsiders were shares of 3M Company (MMM; -3.42%). The biggest gainers were Visa Inc. (V; + 1.37%).

All S&P sectors recorded a decline. The largest decline was shown in the industrial goods sector (-2.1%).

At the time of closing:

Dow 26,573.04 -343.79 -1.28%

S&P 500 2,940.25 -36.49 -1.23%

Nasdaq 100 7,908.69  -90.65 -1.13%

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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