Wall Street Pressured by Weak Manufacturing ISM And Jolts Data

Sentiments on Wall Street are weak again today, as investors fear the tariffs, weaker than expected economic data and rising price unstability, signalled by March ISM manufacturing data. The weakest index today is US2000 which slides more than 1.2%, as US low-caps remain more fragile to US stagflation/recession fears.

• Wall Street loses after the market open amid rising fear related to weaker economic data; JOLTS job opening weaker than expected
• Final PMI slightly higher, but ISM report well below expectations; prices sub-index surges to almost 70 zone
• PVH Corp surges almost 19% after unexpected, strong quarterly earnings report

Source: xStation5

US100 failed to rebound above key resistance zones, especially EMA200. Volume signals that buyers are still active but as for now we can expect that ‘risk-off’ sentiments to persist, because of tariff uncertainty and potential of weaker US macro data in the second part of the week. On the other side, the 19,000 pts level may be very strong support.

Source: xStation5

Company news

• Southwest Airlines (LUV), Delta Air Lines (DAL) and American Airlines (AAL) fall after Jefferies downgraded their ratings on the stocks amid uncertainty around consumer and corporate spending.
• First Watch Restaurant Group (FWRG) shares climb 7.2% after TD Cowen upgraded the restaurant-chain operator to buy from hold, citing a favorable risk-reward setup.
• Kroger (KR) shares fall 0.8% after Melius analyst Karen Short downgrades the grocer to sell from hold.
• Johnson & Johnson (JNJ) shares fall 3.7% after a federal judge rejected the health-care products maker’s third attempt to use the bankruptcy of one of its small units to end baby powder cancer claims. Analysts said this added to the overhang on the shares given the uncertainty over how the company will deal with the claims.
• Microvast (MVST) shares surge 10% after the lithium-ion battery maker reported 2024 revenue that beat its guidance thanks to growing demand for its technology.
• Progress Software (PRGS) shares are up 7.1% after the company reported first-quarter results that beat expectations and raised its full-year forecast for adjusted earnings and adjusted operating margin.

US2000 slides 1.2% today below 2000 points, re-testing recent lows. The index loses almost 20% since 2024 highs, signalling that low and mid-caps are entering the bear market.

Source: xStation5

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