Stock Market Update

[BRIEFING.COM] The market moved higher over the last half hour. The major indices all trade more than 1.0% higher than yesterday's closing levels. 

The October ISM Manufacturing Index checked in at 46.5% (Briefing.com consensus 47.6%) versus 47.2% in September. The dividing line between expansion and contraction is 50.0%, so the October reading, which is the lowest in 2024, suggests the pace of contraction in the manufacturing sector accelerated from the prior month. This was the seventh straight month (and 23rd out of 24) that economic activity in the manufacturing sector contracted.

The key takeaway from the report is that it has reinforced the understanding that conditions in the U.S. manufacturing sector remain weak.

Total construction spending increased 0.1% month-over-month in September (Briefing.com consensus 0.0%) following an upwardly revised 0.1% increase (from -0.1%) in August. Total private construction was flat month-over-month while total public construction was up 0.5% month-over-month. On a year-over-year basis, total construction spending was up 4.6%.

The key takeaway from the report is that private construction activity was subdued in September.