Tuesday saw the release of a slew of tepid macroeconomic data points that further dented investor sentiment. The US trade gap grew more than estimated in October, roaring to a nine-month high as higher oil prices inflated the import bill. Figures published by the Commerce Department showed that the trade shortfall widened 8.60% to -$48.70 billion compared to an upwardly revised -$44.90 billion gap reported in September. Economists surveyed by Reuters had anticipated the deficit ballooning to -$47.50 billion. Separate numbers from the Institute of Supply Management displayed a deceleration in the US services sector. The ISM’s widely-followed Non-Manufacturing Purchasing Managers’ Index declined to 57.4 in November from the 60.1 reported in October, printing below analyst forecasts anticipating a drop to 59.0 last month. Dow futures fell more than -100 points to close Tuesday at 24180, with losses extended overnight as the index edges down to near 24100.
Dow Slides by Over 100 Points
Daily Analysis - 06/12/2017