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US indices extended their losses yesterday, particularly the Dow Jones Industrial Average, which fell all the way to 38,000 points during the day before recouping some losses to close the session 0.86% lower. The S&P 500 didn’t fare much better, losing 0.6% on Thursday and even the Nasdaq Composite didn’t escape unscathed, closing the day 1.08% lower. The drops came after Salesforce revealed weaker revenue than expected for the last quarter, as well as lower forecasts for the remainder of the year. The highly influential stock shed 20% of its market cap on Thursday, its worse performance in nearly 20 years.
The moves come ahead of the Personal Consumption Expenditures (PCE) Price Index set to be published later today. The index serves as an important weather vane to orient Federal Reserve monetary policy. Higher than expected numbers would spell disaster for those hoping for a swift return to lower interest rates and would put a certain amount of pressure on equities and commodities alike.
An update on the Chinese economy this morning in the form of the National Bureau of Statistics’ manufacturing PMI for May. The number came in a little lower at 49.5 as opposed to expectations of 50.5. The non-manufacturing PMI also fell short at 51.1 versus 51.5 expected. On Monday we have the Caixin manufacturing PMI, which encompasses a much broader swathe of industrial businesses and will offer a more detailed picture into China’s manufacturing sector.
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