Sep 4, 2024
After a long Labor Day weekend, investors started the first trading day of September by selling. The reason floated out by the main media for the selloff is investors skittish about the S&P Global US Manufacturing Purchasing Manager’s Manufacturing Index (PMI) report released this morning. Apparently, investors were rattled hearing the same information from last week’s Federal Reserve of Philadelphia Manufacturing (FRPM) index that dropped in August and down from the three months high reached in July. The S&P Global PMI index declined in August and was the first month in 2024 with a reduction of production, sales, and demand. Read in this issue our review of these reports and our analysis of today’s stock market selloff.