Multiple respondents to the survey quoted in the release referenced signs of a slowdown in their industry.
“Economy absolutely slowing down. Less optimism regarding the first quarter of 2024,” a respondent from the chemical products industry said.
Meanwhile, the new orders index remained in contraction territory at 45.5, lower than the 49.2 recorded in September. The employment index also decreased on Wednesday down to 46.8 from a reading of 51.2 the month prior.
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Stocks open higher
Stocks were in the green at the open as investors digested an announcement on bond issuance that met Wall Street’s expectations ahead of a Federal Reserve monetary policy decision expected Wednesday afternoon.
The benchmark S&P 500 (^GSPC) jumped about 0.1% while the Dow Jones Industrial Average (^DJI) rose just above the flat line and the tech-heavy Nasdaq Composite (^IXIC) about 0.3%.
Treasury yields ticked lower after the US Treasury’s quarterly refunding update revealed the Treasury will auction $112 billion in debt next week, roughly in line with Wall Street’s expectations.
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Stock futures fall ahead of Fed policy decision
The major US stock indexes fell ahead of the market open on Wednesday as investors braced for the Federal Reserve’s call on interest rates and as earnings reports flooded in.
Futures on the Dow Jones Industrial Average (^DJI) were down 0.33%, or 109 points, while S&P 500 (^GSPC) futures dropped 0.39%. Contracts on the tech-heavy Nasdaq 100 (^NDX) fell 0.44%.
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US stocks rose on Wednesday after logging a third straight losing month as investors digested updates on the bond market and prepared for the Federal Reserve’s latest policy decision.
The S&P 500 (^GSPC) was up 0.2% at the market open while the Dow Jones Industrial Average (^DJI) was mostly flat. The tech-heavy Nasdaq (^IXIC) rose 0.3%.
Front of mind for Wall Street is the Fed’s decision on interest rates at the end of its meeting Wednesday afternoon, when policymakers are widely expected to hold rates steady while keeping the option to raise rates further if needed.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Investors will scrutinize the choice of words in the statement as well as Chair Jerome Powell’s comments for clues to the Fed’s thinking on the future path of rates. Officials have stressed they will tread carefully to avoid significantly slowing the US economy as they strive to cool inflation.
Treasury yields edged lower, with the 10-year yield (^TNX) trading around 4.87% ahead of the Fed decision. Yields ticked lower after the US Treasury’s quarterly refunding update revealed the Treasury will auction $112 billion in debt next week, roughly in line with Wall Street’s expectations. Stock investors are watching the announcement more closely than usual, given how the August update contributed to the recent run-up in yields.
On the economic data front, the ADP National Employment Report for October showed 113,000 jobs were added to the US economy, below the Street’s estimates for 150,000.
More financial reports rolled in, in a season that so far has failed to boost stocks. AMD’s shares slipped after the chip designer’s results beat estimates on the top and bottom line, but fell short on its fourth-quarter guidance. Kraft Heinz missed analysts’ estimates for third-quarter sales, while CVS profit topped estimates amid a strong performance for its pharmacy business.
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