The ISM Manufacturing Index improved to 44.8 in June from an unrevised 42.8 in May, roughly inline with the forecast of 44.9. New orders reversed an upward trend, declining to 49.2 from 51.1 in May. Prices paid came in at 50.0, versus 43.5, indicating that prices were flat month-over-month.
Construction spending fell 0.9% in May, worse than the expectation of -0.6%, and April’s figure was downwardly revised to a gain of 0.6% versus the initial report of 0.8%. A 3.4% decline in residential spending outpaced the 0.5% gain in commercial.
Pending home sales rose 0.1% in May, slightly better than the 0% forecast, and April was revised up to a gain of 7.1% from 6.7%. More from Bloomberg...
The Dow Jones Industrial Average rose 57 points (0.7%) to close at 8,504, the S&P 500 Index gained 4 points (0.4%) to 923, and the Nasdaq Composite increased 11 points (0.6%) to 1,846. Crude oil fell $0.58 to $69.31 per barrel, and gold advanced $14.15 to $940.75 per ounce.
Magnificent Seven Update
