ISM OOPS. Manufacturing Growth Accelerated in May. But Traders Don’t Trust The New Data.
The major indices traded near flat by noon Monday as traders struggled with whether to trust manufacturing data from the Institute For Supply Management.
ISM corrected a report, released this morning, showing that manufacturing growth had significantly slowed in May from the prior month. Instead, manufacturing growth actually accelerated.
— Thomas Turner (@thomasturner) Jun. 2 at 11:25 AM
$SPY ISM what? Is this even truthful? So now they changed the program to make it look good? scammers
— Robert J Sullivan (@MTPennybags) Jun. 2 at 11:48 AM
ISM said that its manufacturing index climbed to 56.0 from April 54.9. That data topped economists’ expectations for the index to hit 55.8, according to MarketWatch.
At 10a.m., ISM said that its manufacturing index fell to 53.2. However, it later said that incorrect seasonal adjustments had been applied to the data, leading to a falsely lower result.
Some traders said that the new data would push stocks higher.
THIS CHANGES EVERYTHING #ISM $SPY
— Alex Tarhini (@TarhiniTrade) Jun. 2 at 11:48 AM
But many others argued that the damage was done and that any lift from the data was now deflated.
$SPY ISM numbers don't even matter. This is going down.
— Frank (@frank_06492) Jun. 2 at 11:39 AM
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