Disappointing economic data – Wall Street closes in the red

Frankfort, New York After last week’s strong gains, US investors hit the brakes again at the beginning of the month. Consumers groaning under the pressure of inflation are holding back on their purchases worldwide, which has left a clear mark on economic data. The Dow Jones lost 0.1 percent to 32,798 points. The tech-heavy Nasdaq fell 0.2 percent to 12,369 points and the broad-based S&P 500 fell 0.3 percent to 4,119 points.

“The market is a little nervous, trying to find its way,” said Robert Pavlik, portfolio manager at Dakota Wealth. “A lot of people are trying to understand if we’ve bottomed out and if we’re going up from here.” Despite the recent downturn in the US economy, US manufacturing remains on a growth trajectory.