Updated 4 hours ago
Stocks Drop After ISM Manufacturing Data
It’s a new month, but the stock market is facing the same headwinds.
The major indexes relinquished earlier gains after the Institute for Supply Management’s Purchasing Mangers Index slipped to a reading of 50.3 in February, below economists' expectations at 50.5, according to FactSet. The new orders index fell to 48.6 from 55.1 in January. The prices index jumped to 62.4, up from 54.9 in January.
Following the ISM survey release, the Federal Reserve Bank of Atlanta's forecast of first-quarter gross domestic product dropped to negative 2.8% from negative 1.5% on Friday.
