Industrial ETFs Still Lagging After ISM Manufacturing Data

The S&P 500 Index pumped its breaks yesterday after climbing to all-time highs earlier this week when disappointing ADP employment data collided with a lackluster manufacturing report. Fed stimulus hopes faded away after policymakers announced no changes to the ongoing bond-repurchase program, setting the scene for choppy trading at home amid the string of disappointing economic data releases [see S&P 500 Visual History]. U.S. Manufacturing Data Hints Of Slowdown The latest national manufacturing report, compiled by the Institute for Supply Management, came in slightly above analysts’ expectations; however, the data was still worrisome. Markets got a whiff of disappointment after April’s Purchasing Manager Index came in at 50.7, marking a slight deterioration from last month’s reading of 51.3. Consider the trailing six-month PMI data below and note that readings above 50 indicate industry expansion, while readings below indicate contraction: The latest PMI data indicates manufacturing expansion is at the slowest rate of the year. This slump in manufacturing coupled with [...] Click here to read the original article on ETFdb.com. Related Posts: Wednesday’s ETF Chart To Watch: XLI Gears Up For Rally Ahead Of Manufacturing Data ETF Insider: Hedge Your Bullish Bets This Week ETFdb Weekly Watchlist: XRT, FXI, XLI Hinge On Manufacturing And Consumer Data Big Oil, Commodities And Large-Cap Earnings On Tap: IYE, MOO, XLB ETF Insider: How To Play Earnings This Week alt="" border="0"/>