Dow Jones gains after US PMI miss reignites rate cut hopes
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The Dow Jones Industrial Average (DJIA) climbed on Tuesday after US Purchasing Managers Index (PMI) figures softened unexpectedly, bringing broad-market hopes for an earlier-than-expected rate cut from the US Federal Reserve (Fed) back to the forefront. The US Manufacturing PMI slid to a four-month low of 49.9 on Tuesday, slipping back from the previous 51.9. The Services PMI also declined, falling to 50.9 from 51.7. Both PMI components were expected to tick upwards to 52.0. US GDP is currently projected to cool off to 2.5% for the first quarter on an annualized basis, while Friday’s Core PCE Price Index is expected to hold steady at 0.3% MoM in March. Despite broad-market gains for US equities, the Dow Jones remains tepid compared to the other mega indexes, with the DJIA gaining around seven-tenths of a percent. The Dow Jones is testing the 38,500.00 handle on Tuesday, with the day’s early low priced in at 38,206.51. The major equity index is up nearly eight-tenths of a percent on the day.
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