Sen. Bernie Moreno Had the Perfect Response to CNN Host's Questions About Trump's...
Pentagon Watchdog Launches 'Signalgate' Investigation Into Pete Hegseth
United Kingdom Weighs Striking Back Against US Tariffs, and It's Asking Businesses for...
A Quick History of American Tariffs: The Good, the Bad, and the Ugly
'Designed for Battle' Isn't a Valid Argument for Gun Control
Did '60 Minutes' Put Out Their Worst Segment With Lesley Stahl Providing Cover...
Kamala Harris Did More Than Just Endorse New WI Supreme Court Justice
Trump Weighs In on Proxy Voting Proposal, and It Looks Like There May...
Bernie Sanders Once More Tries, Fails Miserably to Get His Anti-Israel Resolutions Passed
Is AOC Really the Democratic Party's Leader? Here's What These Polls Say.
Senate Votes on Confirming Dr. Oz for Role in Trump Administration
We Will Hold Rogue Judges Accountable, Rep. Gill Says
Will the Liberal Media Cover This Horrific Crime Story?
Surprise: The 'Pro-Palestinian' Mob Has Nothing to Say About Hamas Murdering Palestinians
Pro-Hamas Mob Hits New Low With Latest Attack on Fetterman
OPINION

Indices Bolt At Renewed Stimulus Hopes

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
AP Photo/Evan Vucci

Major indices bolted out of the gate largely on renewed fiscal stimulus hopes.  Since then, the virtual duel hearing with Steven Mnuchin and Jerome Powell has been so politicized the rally has lost some steam.

Advertisement

It’s really a shame considering Congress has not acted in good faith in coming up with another fiscal push.  The $3.3 trillion House bill was outlandish and insincere just as the notion of a so-called skinny bill is not broad enough.

Meanwhile, more economic data is showing the rebound is stalling.

November ISM Manufacturing:

  • 57.5 actual
  • 58.0 estimate
  • 59.3 October 

Manufacturing is still growing, but at a slower pace, as new orders and production saw large percentage point declines. 

The red flag, however, comes from employment, which decelerated into contraction.  This news, ahead of the jobs report, is problematic.

ISM Components

Index

% Point

Change

Direction

Rate of Change

Trend* (Months)

Manufacturing PMI®

57.5

-1.8

Growing

Slower

6

New Orders

65.1

-2.8

Growing

Slower

6

Production

60.8

-2.2

Growing

Slower

6

Employment

48.4

-4.8

Contracting

Reversal

1

Supplier Deliveries

61.7

+1.2

Slowing

Faster

13

Inventories

51.2

-0.7

Growing

Slower

2

Customers’ Inventories

36.3

-0.4

Too Low

Faster

50

Prices

65.4

-0.1

Increasing

Slower

6

Backlog of Orders

56.9

+1.2

Growing

Faster

5

New Export Orders

57.8

+2.1

Growing

Faster

5

Imports

55.1

-3.0

Growing

Slower

5

Advertisement

Construction Spending

 The October read came in stronger than expected, as the housing boom continues to pace construction spending higher. 

Private Residential

  • $637.1 billion +2.9% month to month +14.5% year to year

Private non-Residential

  • $456.6 billion -0.7% month to month -8.2% year to year

To see the chart, click here.

Great Start

This is a great start to December with all sectors higher lead by Financials.  It would be impressive if the market could pick up early momentum to find a way to rally back toward intraday highs into the close.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement