Dow Drops 150 Points as ISM Manufacturing PMI Declines in February
U.S. stock markets faced a downturn on Monday, with the Dow Jones Industrial Average dropping approximately 150 points. This decline marked a 0.31% decrease, bringing the index to 48,826.07 points. Similarly, the NASDAQ and S&P 500 indices decreased by 0.25% and 0.26%, respectively, closing at 22,610.56 and 6,861.13.
Key Economic Indicators
The ISM Manufacturing PMI for February showed a decline to 52.4, down from 52.6 in January. However, this figure exceeded market expectations, which had predicted a decrease to 51.8. Additionally, the S&P Global Manufacturing PMI also fell to 51.6 from the previous month’s 53.4, missing forecasts of 52.6.
Sector Performance
- Energy Sector: Gained 1.8% on Monday.
- Consumer Discretionary: Fell by 1.7% during the trading session.
Commodities and International Markets
In commodities trading, oil prices surged by 8%, reaching $72.40 per barrel. Gold increased by 3.2%, now priced at $5,417.20, while silver rose 2.1% to $95.210. In contrast, copper experienced a decline of 0.4%, trading at $6.0375.
International Market Overview
European stock markets also exhibited weakness, as several indices recorded losses:
