US Manufacturing PMI Contraction at Eight-Month High, Employment Worst Since 2009

Analysts noted that the ISM employment report showed the worst data since 2009 (excluding the pandemic period), with new orders also below expectations, increasing the perception of data weakness and reinforcing market bets on rate cuts.

However, whether such evident labor market weakness benefits US stocks remains questionable, as indicated by $Russell 2000 Index (.RUT.US)$ 's performance.

$S&P 500 Index (.SPX.US)$ $CBOE Volatility S&P 500 Index (.VIX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$ $ProShares UltraPro Short QQQ ETF (SQQQ.US)$ $ProShares UltraPro QQQ ETF (TQQQ.US)$

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