The Dow Jones Industrial Average (DJIA) climbed on Tuesday after US Purchasing Managers Index (PMI) figures softened unexpectedly, bringing broad-market hopes for an earlier-than-expected rate cut from the US Federal Reserve (Fed) back to the forefront.
Dow Jones tests 38,500.00 as US equities climb. US PMIs weakened, bolstering hopes for a Fed rate trim. Key US GDP and PCE inflation data still on the table for the week. The Dow Jones Industrial Average climbed on Tuesday after US Purchasing Managers Index figures softened unexpectedly, bringing broad-market hopes for an earlier-than-expected rate cut from the US Federal Reserve back to the forefront. The US Manufacturing PMI slid to a four-month low of 49.
Tuesday’s upside leaves the Dow Jones on pace to close in the green for a third straight trading day as the index climbs from a near-term swing low around 37,600.00. The index is still down from March’s highs just shy of the 40,000.00 major handle, but the index is firmly bullish in the long-term. The Dow Jones is trading well above major technical support from the 200-day Exponential Moving Average at 36,687.91.
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