Day Traders Diary
The markets closed basically unchanged as weak economic data out of Europe stoked worries over the state of the global economy. The Dow Jones Industrial Average finished up just 15 points, led by a gain in American Express. The S&P 500 ended the day just below the flatline. The Nasdaq Composite dipped nearly 0.1%.
Manufacturing activity in Germany this morning fell to its lowest level since the financial crisis. Germany's services sector also grew at its slowest pace in nine months. Overall, manufacturing in the euro zone fell to a more than six-year low while services grew at is slowest pace in eight months. European stocks fell broadly on the weak data. The German Dax dropped 1.1% while France's CAC 40 slid 1%.
The U.S. manufacturing sector hit a five-month high in September, while the services sector grew at its fastest pace in two months. However, the manufacturing data remained among the weakest since 2016.
Monday's moves come after the major indexes snapped a three-week winning streak on Friday as they struggled to reach July's record highs. Entering Monday's session, the Dow and S&P 500 were more than 1% from their all-time highs. The Nasdaq Composite was 2.7% away.
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