Wall Street subdued on mixed PMI, U.S.-China trade concerns [Reuters]
Meta Platforms, Inc. - Class A (FB)
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Source: Reuters
Wall Street subdued on mixed PMI, U.S.-China trade concerns (Reuters) - Wall Street’s main indexes were flat on Monday as mixed economic cues did little to soothe investor concerns over slowing domestic growth in the face of a prolonged U.S.-China trade war. U.S. employment in the services sector shrank for the first time in nine-and-a-half years, IHS Markit’s Purchasing Manager’s Index (PMI) showed on Monday. At 50.9, the services sector PMI was below expectations of 51.3, but the reading above 50 showed that it was still in expansion mode. The index also showed manufacturing activity rose to 51 in September from 50.3 in August, topping expectations of economists polled by Reuters. The report follows dour business surveys from across the euro zone, which suggested growth had ground to a halt in the bloc. “We had some macro news today, but nothing that would change the sentiment in the market, which is tied to trade,” said Peter Cardillo, chief market economist at Spartan Capital Secu
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