U.S. Markets Slip Amid Weak Data
The Dow Jones Industrial Average declined 0.90%, shedding 427.09 points to end the session at 47,289.33.
The Nasdaq retreated 0.38%, losing 89.76 points to settle at 23,275.92, while the S&P 500 dipped 0.53%, down 36.46 points to close at 6,812.63.
The Volatility Index (VIX), often referred to as the "fear index", advanced 5.44% to reach 17.24.
The U.S. Manufacturing Purchasing Managers’ Index (PMI) slipped below forecasts to 48.2 for November, reflecting continued contraction in the sector.
This gauge, which has indicated shrinking manufacturing activity for nine straight months, posted its weakest reading since July.
In addition, comments from Bank of Japan (BOJ) Governor Kazuo Ueda—who said that the potential for an interest rate increase would be evaluated in December—contributed to rising U.S. Treasury yields, influenced by softness in Japanese and European bond markets. The yield on the U.S. 10-year Treasury climbed to 4.1%.
A downturn in the cryptocurrency space following China’s cautions regarding crypto assets also stood out, as Bitcoin—the largest digital currency by market value—tumbled more than 6% over the past day to trade near $86,000.
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