Wall Street indices in the red - S&P500 trades 1.7% lower, DJIA loses 1.1%, Nasdaq and small-cap Russell 2000 plunge by 2.7%.
ISM Manufacturing data came in short compared to the estimates (Actual: 47.2, Estimate: 47.5, Previous: 46.8). Prices Paid index rose to 54 (Estimate: 52, Previous: 52.9), New Orders contracted to 44.6 (Previous: 47.4) and Employment scored at 46 (Previous: 43.4).
Semiconductor sales under seasonal trends, according to SIM. Philadelphia Semiconductor Index loses 6.9%.Nvidia at its lowest since mid-August (-6.9%). Intel's ephemeral upward momentum wears out entirely (-6.8%).
European stock markets continue their decline from yesterday: German DAX40 contracted by 1.1%, French CAC40 lost 0.9%, UK’s FTSE100 dropped by 1%.
Swiss GDP has grown more than expected in Q2 2024 (Actual: 1.8%, Estimate: 1.4%, Previous: 0.6%, YoY), whilst CPI turned out lower than expected (Actual: 1.1%, Estimate: 1.2%, Previous: 1.3%)
Energy commodities also in red, with OIL.WTI plummeting the most (-5%), as a result of speculation around production cuts in OPEC+. NATGAS loses around 0.2%.
Cryptocurrencies in decline: Bitcoin loses 2.2%, Etherum plunges by 4% and Dogecoin trades 1.2% lower.
Precious metals join the seasonal fall as well: Gold retracts by 0.3%, Silver loses 1.75%, Platinum is 2.05% short and Palladium plunges by 4.4%.
EURUSD hit its lowest since August 19th, following cooling expectations of aggressive 50 bp interest rate cuts in September.
Swiss Franc depreciates against USD. Strong GDP and sluggish inflation might encourage further rate cuts in Switzerland, driving the dollar up.