The Dow is outperforming all major U.S. indices, fueled by a stronger-than-expected U.S. Manufacturing PMI report in today’s session. The data, released at 10:00 ET, came in at 52.9 versus the forecasted 52, signaling not just expansion, but some form of resilience in the sector.
S&P Global’s Chief Business Economist commented:
“June saw a welcome return to growth for U.S. manufacturing production after three months of decline, with higher workloads driven by rising orders from domestic and export customers. Reviving demand has also encouraged factories to hire additional staff at a rate not seen since September 2022.”
This uptick in manufacturing momentum suggests that the feared economic damage from tariffs may have been overstated, though price pressures remain very real.
The latest JOLTS report, which showed continued labor market strength, added to the bullish tone. As a result, market sentiment improved, with the Healthcare and Consumer Defensive sectors leading gains, while names like NVIDIA and Tesla continue to feel pressure from ongoing political scrutiny.
As cyclical sectors outshine tech, the Dow Jones has taken the lead among U.S. indices, currently up 1% on the session.