ISM Manufacturing Index fell from 50.7 in January to 48.3 in February, above the estimate of 48.0 but the lowest reading since April 2003. Production, new orders, and inventories all eased, while prices paid dropped from 76.0 to 75.5.
Construction spending fell 1.7% in January, well below the forecast of a 0.7% drop. A 2.9% decline in residential construction led the decline.
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The Dow Jones Industrial Average lost 7 points (0.1%) to close at 12,259, the S&P 500 Index rose 1 point (0.1%) to 1,331, and the Nasdaq Composite declined 13 points (0.6%) to 2,259. Crude oil finished up $0.61 to $102.45 per barrel, and gold rose $11.50 to $986.50 per ounce.
Magnificent Seven Update
