The Philly Fed Manufacturing Index improved from -16.3 in July to -12.7 in August, almost matching the forecast of -12.6. The reading indicates that manufacturing in the mid-Atlantic region remains sluggish. Prices paid fell from 75.6 to 57.5.
The Leading Index fell 0.7% in July, worse than the estimate of a 0.1% decline. The Conference Board said building permits, falling stock prices, and unemployment claims made "very large negative contributions to the index." More from Bloomberg...
The Dow Jones Industrial Average gained 13 points (0.1%) to close at 11,430, the S&P 500 Index rose 3 points (0.3%) to 1,278, while the Nasdaq Composite declined 9 points (0.4%) to 2,380. Crude oil spiked $5.62 to $121.18 per barrel, and gold increased $24.80 to $841.10 per ounce.
Magnificent Seven Update
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