U.S. stocks turned positive in choppy trading on Thursday as U.S. services secto...
- U.S. stocks turned positive in choppy trading on Thursday as U.S. services sector activity slowed to a three-year low, raising expectations of another interest rate cut by the Federal Reserve to stem a wider economic downturn.
Wall Street’s main indexes dropped about 1% after the ISM’s non-manufacturing activity index for September fell to 52.6 from 56.4 the month before and below expectations of 55.0. Still, a reading above 50 denoted an expansion in the sector. “The degradation of the data, especially the non-manufacturing data, kind of pushes that to the Fed doing another cut,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
Market participants now await a pivotal jobs report on Friday after dismal manufacturing and hiring data triggered two days of sharp losses, with the indexes recording their deepest one-day percentage slide in six weeks on Wednesday.
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