U.S. stock futures are pointing to a higher opening on Tuesday after major stock indexes fell on Monday over mixed economic data.
According to final Markit U.S. Manufacturing PMI for September released on Monday, the headline PMI fell to a 3 month low of 51.5 in September due to weaker client demand and a drop in new export sales for the first time in four months.
“Manufacturing growth slowed to a crawl in September, suggesting the economy is stuck in a soft patch amid widespread uncertainty in the lead up to the presidential election. The survey saw firms pulling back on expanding production and focusing instead on cost-cutting, as inflows of new business slowed to the weakest seen so far this year” said Chris Williamson, Chief Business Economist at IHS Markit in a released statement.
“Any growth is largely being driven by the consumer, in turn helped by tail-winds of low interest rates, low inflation and a solid labor market. Business spending, in contrast, is being subdued by the headwinds of uncertainty about the economic outlook, cost-driven inventory reduction and the strong dollar, the latter linked to yet another drop in exports” Williamson added.
Yesterday construction spending for August came in weaker than expected at -0.7 percent, below the +0.2 consensus estimate from briefing.com while the non-manufacturing ISM Manufacturing Index report for September was better than expected at 51.5, up from 49.4 percent in August.
Today there is no released economic data but tomorrow private payroll processor ADP releases their employment report for September which is a precursor for Friday’s larger non-farm payroll report from the U.S. Bureau of Labor Statistics.
Google is expected to release the latest version of their new phone today in San Francisco called Pixel, formerly known as Nexus, which is believed to be built by HTC.
Leaked images and specs have already entered the market from Verizon and Canadian carrier Bell and were recently shared on other reputable tech websites such as the Verge, Mashable, and Gizmodo.
Here is a look at the leaked images: