Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%) has retreated beneath its flat line as losses widen in the broader market, while strength in several of the market's largest names keeps the Nasdaq Composite (+0.3%) in positive territory. 

The October ISM Manufacturing Index checked in at 48.7% for October (Briefing.com consensus: 49.4%), down from 49.1% in September. The dividing line between expansion and contraction is 50.0%, so the October figure, which is the eighth straight month below 50.0%, suggests manufacturing activity contracted at a faster pace than the prior month.

The key takeaway from the report is that the manufacturing sector saw its eighth consecutive month of contraction, with uncertainty about tariffs and the global economy tempering demand.