Wall Street drops as US factory activity contracts

Wall Street drops as US factory activity contracts

U.S. stock index futures gained slightly on Monday as an unexpected rise in Chinese manufacturing activity assuaged investor concerns about a global economic slowdown in the wake of a prolonged trade war between Washington and Beijing.

Trader Jonathan Corpina works with children during a traditional bring-your-kids-to-work day on the
Trader Jonathan Corpina works with children during a traditional bring-your-kids-to-work day on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 29, 2019. REUTERS/Brendan McDermid

REUTERS: U.S. stock indexes dropped on Monday after data showed the U.S. manufacturing sector contracted for a fourth straight month in November as new order volumes slid to their lowest level since 2012.

The Institute for Supply Management (ISM) said its index of national factory activity fell to 48.1 from 48.3 the month before. The reading was below expectations of 49.2 from a Reuters poll of 57 economists.

At 10:05 a.m. ET, the Dow Jones Industrial Average was down 118.11 points, or 0.42per cent, at 27,933.30, and the S&P 500 was down 19.36 points, or 0.62per cent, at 3,121.62. The Nasdaq Composite was down 87.43 points, or 1.01per cent, at 8,578.04.

(Reporting by Susan Mathew in Bengaluru; Editing by Arun Koyyur)

Source: Reuters

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