Headlines
Stocks are showing some weakness as the new quarter begins.
– The US manufacturing sector is in its strongest position since 2022
– The Institute for Supply Management’s manufacturing PMI showed expansion for the first time since September 2022 in March
– S&P Global’s measure showed production hit a 22-month high last month
– ISM’s manufacturing PMI registered a reading of 50.3 in March, higher than expected
– This marks the highest reading since September 2022 and first time manufacturing activity has expanded since October 2022
– Timothy Fiore mentioned positive demand, strengthened output, and accommodative inputs
– An uptick in the manufacturing sector could be a welcome sign for stocks
– Bank of America analyst noted signs of a manufacturing upcycle and increased S&P 500 earnings forecast to $250 from $235.
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