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As on : 03-Oct-2024

Market Commentary - Foreign Markets
03-Oct-2024 11:39

US stock markets witness choppy moves

The US stock markets witnessed choppy moves on Wednesday as a rather erratic start to the December quarter continued. The Dow added 39.55 points or 0.1 percent to 42,196.52, the Nasdaq rose 14.76 points or 0.1 percent to 17,925.12 and the S&P 500 edged up 0.79 points or less than a tenth of a percent to 5,709.54. Markets remained broadly worried about escalating tensions in the Middle East following Iran's ballistic missile attack against Israel. A global shift in risk appetite boosted US dollar amid these cues while economic cues showed mixed picture.

Payroll processor ADP stated that private sector employment climbed by 143,000 jobs in September after rising by an upwardly revised 103,000 jobs in August. However, the US manufacturing sector moved deeper into contraction territory at the end of the third quarter of the year. The seasonally adjusted S&P Global US Manufacturing Purchasing Managers’ Index (PMI) remained below the 50.0 no-change mark in September, dipping to 47.3 from 47.9 in August. The index showed a third consecutive monthly worsening in the health of the sector, and one that was the most pronounced since June 2023.

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