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☆ 'China has disappointed': These are the top markets and stocks to invest in, according to the pros
▼ + stars: | 2023-08-15 | by ( Weizhen Tan | ) www.cnbc.com time to read: +6 min

In contrast, nearly $1 billion went into emerging market ex-China mutual funds, according to Refinitiv data that Reuters cited. Here are some alternatives to China and the stocks to invest in, according to the pros. Japan Japan stocks have been an investor favorite this year, seeing the highest inflows in 20 years, according to Eastspring Investments. Demand for Japan funds has surged among European investors, according to data from research firm Cerulli. The bank screened for Japan stocks with the following attributes: resilient earnings, price-to-book (P/B) ratio below 1.5, and potential P/B upside relative to return on equity.

Persons: Morningstar, “, ”, Derrick Irwin, there's, Oliver Lee, BofA, Joanne Peng, Allspring's Irwin, Irwin, Fomento, He's, Morgan Stanley, Will, ” Irwin, Cerulli’s Peng Organizations: Morningstar, CNBC Pro, Reuters, Allspring Global Investments, CNBC, “, Eastspring Investments, Ivailo, Mitsui & Co, Honda Motor, Nomura, Kansai Electric Power, Mitsubishi Motors, Panasonic, Mexicano, HDFC Bank, HDFC Locations: European, China, India, Beijing, Japan Japan, Japan, Europe, Vietnam, Asia, Indonesia, Malaysia, Southeast Asia, Mexico, America, Will China

☆ Siemens sees weakening demand trends as third-quarter misses forecasts
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: +1 min

Siemens missed profit forecasts in its latest quarter, the German engineering company reported on Thursday, noting weakening demand in several markets including China. Siemens said it was now seeing a "normalisation of demand" after customers pre-bought last year to avoid shortages. Orders increased by 10% during the three months to the end of June, down from the 13% increase in the previous three months. Siemens kept its group-level outlook for the year to September-end but lowered expectations for its digital industries business which supplies factories with controllers. The division, seen by analysts as the jewel in Siemens's crown, now expects comparable revenue growth of 13% to 15%, lower than its previous outlook of 17% to 20%.

Persons: Roland Busch, CNBC's Arabile, Busch, I'm Organizations: Siemens Locations: China

☆ Siemens sees weakening demand trends as Q3 misses forecasts
▼ + stars: | 2023-08-10 | by ( John Revill | ) www.reuters.com time to read: +3 min

Sven Hoppe/Pool via REUTERS/File PhotoSummaryCompanies Company lowers guidance for digital industries businessSees weakening demand in ChinaOrders decline in all regions as customer buying normalisesZURICH, Aug 10 (Reuters) - Siemens (SIEGn.DE) missed profit forecasts in its latest quarter, the German engineering company reported on Thursday, noting weakening demand in several markets including China. Siemens said it was now seeing a "normalisation of demand" after customers pre-bought last year to avoid shortages. During its third quarter, Siemens orders rose 10% to 24.24 billion euros, beating forecasts of 22.19 billion euros. Revenue rose 6% to 18.89 billion, missing forecasts for 19.27 billion euros. Net profit of 1.44 billion euros also missed forecasts.

Persons: Roland Busch, Sven Hoppe, John Revill, Christopher Cushing, Jason Neely Organizations: Siemens, ZURICH, Thomson Locations: Munich, Germany, China, Europe

☆ S&P sees Indian economy growing by average 6.7% to 2031 amid short-term challenges
▼ + stars: | 2023-08-03 | by ( Manoj Kumar | ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave/File PhotoNEW DELHI, Aug 3 (Reuters) - S&P Global on Thursday projected the Indian economy to grow by an average annual rate of 6.7% to March 2031, driven by manufacturing and services exports and consumer demand, despite short-term challenges from rate hikes and a global slowdown. S&P retained its earlier forecast of 6% growth for the current fiscal year ending March 2024, noting even at this rate, India will be the fastest growing economy in the G20. S&P Global expects the size of the economy to reach $6.7 trillion from $3.4 trillion in fiscal 2023, which could see per capita GDP rise to about $4,500. If realised, India would overtake Japan and China to become the third largest economy in the world. "India's ability to become a major global manufacturing hub will be a paramount test for its economic future."

Persons: Shah, Amit Dave, Manoj Kumar, Toby Chopra Organizations: Manubhai, Shah LLP, REUTERS, Global, International Monetary Fund, P Global, Thomson Locations: Ahmedabad, India, Delhi, Japan, China

While an ISM survey offered a tough assessment of U.S. manufacturing conditions, so-called hard data suggest the sector is shuffling along. Federal Reserve data in June showed factory production rebounded in the second quarter, ending two straight quarterly declines. Meanwhile, U.S. construction spending increased solidly last month and May's data was revised higher, boosted by outlays in both single and multifamily housing projects, the Commerce Department said. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: Dado Ruvic, Steven Ricchiuto, Carlos Casanova, Kit Juckes, Sterling, Herbert Lash, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson, Alexander Smith Organizations: REUTERS, Reuters, Federal, outlays, Commerce Department, Labor, Survey, Labor Department, Mizuho Securities USA, Reserve Bank of Australia, Bank of Japan, U.S, Natixis Investment, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Asia, Hong Kong, U.S, Bank of England, London, Singapore

☆ Aussie set for biggest one-day drop since March, yen at 3-week low
▼ + stars: | 2023-08-01 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The Aussie fell 1.4% to $0.6626, wiping out the 0.87% gains it clocked in July and set for its sharpest daily drop since March. "I think it was right that the RBA held today, given trimmed mean inflation and unemployment matched the RBA's forecasts. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) missed analysts forecasts and showed the first decline in activity since April. The euro eased 0.2% to $1.0975, not too far from an almost three-week low touched on Friday. Money markets now see a 60% probability that the Bank of England will hike rates by 25 basis points on Thursday.

Persons: David Gray, Matt Simpson, Carlos Casanova, Kit Juckes, Sterling, Joice Alves, Ankur Banerjee, Alex Richardson, Hugh Lawson Organizations: REUTERS, Australian, Reserve Bank of Australia, Bank of Japan's, City, Federal, P Global, European Central Bank, ECB, Societe Generale, Bank of, Thomson Locations: Sydney, Australia, China, Asia, Hong Kong, U.S, Bank of England, London, Singapore

☆ China's July factory activity swings back to contraction - Caixin PMI
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Aug 1 (Reuters) - China's factory activity swung to contraction in July, a private sector survey showed on Tuesday, with supply, demand and export orders all deteriorating as firms blamed sluggish market conditions at home and abroad. The Caixin survey showed manufacturing output shrank for the first time in six months while new orders saw the quickest reduction since December. New orders remained unchanged at makers of investment goods, but fell at producers of consumer and intermediate goods. Employment across the manufacturing sector fell for the fifth straight month in July, although the pace of job shedding eased from June. But Wang Zhe, senior economist at Caixin Insight Group, said current monetary settings would only have a limited effect on boosting supply.

Persons: Wang Zhe, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Caixin Insight, Thomson Locations: BEIJING, Beijing, Shenzhen

☆ Asia's factory activity shrinks as China's slump, global slowdown weigh
▼ + stars: | 2023-08-01 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Japan, South Korea, Taiwan and Vietnam saw manufacturing activity contract in July, the surveys showed, highlighting the strain sluggish Chinese demand is inflicting on the region. China's Caixin/S&P Global manufacturing purchasing managers' index (PMI) fell to 49.2 in July from 50.5 in June, missing analysts' forecasts of 50.3 and marking the first decline in activity since April. "Falling new orders, bleak employment prospects and high inventory levels point to subdued factory activity in the coming months." Japan's final au Jibun Bank PMI fell to 49.6 in July, down from 49.8 in June, due to weak domestic and overseas demand. In India, growth in manufacturing activity slowed for a second month, but the pace of expansion remained healthy and beat expectations.

Persons: forestalling, PMIs, Shivaan Tandon, Leika Kihara, Sonali Paul Organizations: PMI, TOKYO, P Global, Emerging, Capital Economics, Jibun, International Monetary Fund, Thomson Locations: Japan, South Korea, Asia, Taiwan, Vietnam, Emerging Asia, India

☆ China is still waiting for a 'big bang' economic fix as Beijing grapples with more bad news
▼ + stars: | 2023-08-01 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China's manufacturing sector contracted in July, multiple indexes showed. Policymakers have hinted at an economic boost – but are yet to roll out a stimulus package. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The country's top decision-making body acknowledged that the economy faced "new difficulties and challenges" last week – and pledged to roll out a stimulus package "with precision and force". The Swiss bank predicted policymakers would hint at but fall short of bringing in the "big bang" stimulus package needed to revive growth.

Persons: –, Beijing's, Julian Evans, Pritchard Organizations: Service, Privacy, China, P Global Manufacturing, UBS, Economics Locations: Beijing, Wall, Silicon, Swiss, China

☆ China's July factory activity swings back to contraction, Caixin PMI shows
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: +1 min

China's factory activity swung to contraction in July, a private sector survey showed on Tuesday, with supply, demand and export orders all deteriorating as firms blamed sluggish market conditions at home and abroad. The Caixin/S&P Global manufacturing purchasing managers' index, or PMI, fell to 49.2 in July from 50.5 in June, missing analysts' forecasts of 50.3 and marking the first decline in activity since April. The Caixin survey showed manufacturing output shrank for the first time in six months while new orders saw the quickest reduction since December. New orders remained unchanged at makers of investment goods, but fell at producers of consumer and intermediate goods. Employment across the manufacturing sector fell for the fifth straight month in July, although the pace of job shedding eased from June.

Organizations: P Global, PMI Locations: Shanghai, Lujiazui, China

Reuters analysis shows a massive jump in the assets of emerging market (EM) mutual funds and exchange traded funds (ETFs) that exclude China as U.S. and European investors turn more wary of being exposed to the Asian giant. Other investors are simply moving to markets with better growth prospects, such as Brazil. The scale of change needed in global supply chains could drive such capital flows for the next decade, he said. The iShares MSCI Emerging Markets ex-China ETF , the world's largest emerging market ex-China ETF whose biggest holdings are firms in Taiwan, South Korea and India, attracted a record $1 billion net inflow in the first half of 2023, the data showed. "China is the one major country that investors are most concerned about in EM," said John Lau, portfolio manager for Asia Pacific and emerging market equities at SEI.

Persons: Aly, Malcolm Dorson, John Lau, Goldman Sachs, Jeffrey Jaensubhakij, ”, Benjamin Low, Donald Trump, Joe Biden's, Biden, Wong Kok Hoi, Summer Zhen, Vidya Ranganathan Organizations: REUTERS, Global, China ETF, China, Asia Pacific, SEI, Stock Connect, Morningstar, China Opportunity Equity Fund, Fund, Boston, Cambridge Associates, CSI, Nikkei, Investors, Reuters Graphics, APS Asset Management, Thomson Locations: Shanghai, China, HONG KONG, U.S, Mexico, India, Vietnam, Brazil, New York, Taiwan, South Korea, Asia, Singapore, Indonesia, Japan, Hong Kong, Canada, “ U.S

Other investors are simply moving to markets with better growth prospects, such as Brazil. The scale of change needed in global supply chains could drive such capital flows for the next decade, he said. The iShares MSCI Emerging Markets ex-China ETF , the world's largest emerging market ex-China ETF whose biggest holdings are firms in Taiwan, South Korea and India, attracted a record $1 billion net inflow in the first half of 2023, the data showed. "China is the one major country that investors are most concerned about in EM," said John Lau, portfolio manager for Asia Pacific and emerging market equities at SEI. “U.S., Canadian, and some European investors are exiting China due to political pressure.

JPMorgan's chief global markets strategist, Marko Kolanovic, advises investors to play commodities against recession risks. Kolanovic named natural gas as his top pick within the commodities sector. Investors can look to the United States Natural Gas Fund LP (UNG) to gain exposure to the commodity; it's down about 48% year to date. The strategist forecasts U.S. natural gas prices to undergo a 25% rally in the next few months on expectations of a supply growth reversal. Backwardation is what happens when the spot price is higher than the price of the approaching futures' contracts.

Persons: Marko Kolanovic, Kolanovic, — CNBC's Michael Bloom Organizations: United States Natural Gas Fund, DB Agriculture Fund, Brent Oil Fund Locations: U.S

☆ Wall Street rides high into next week as traders brace for a major Fed decision and key earnings
▼ + stars: | 2023-07-21 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The recent streak of gains in markets could be in jeopardy next week as traders come up against a big Federal Reserve meeting and earnings shift into high gear. However, markets are ramping up just ahead of several catalysts next week that could roil markets. According to the CME FedWatch Tool, 83% of traders expect monetary policymakers will be done at that point. 'Floodgate' of earnings season including tech The biggest week for earnings season is also up ahead, with results having been mixed thus far. Personal Consumption Expenditure index (June) 10 a.m.: Consumer sentiment (July final) Earnings: Exxon Mobil , Chevron , Procter & Gamble , T. Rowe Price

Persons: Jerome Powell, Hogan, Powell, Shannon Saccocia, Jackson, Yung, Yu Ma, that's, Saccocia, Northrop Grumman, Rowe Price Organizations: Reserve, Dow Jones, Riley Wealth Management, BMO Wealth Management, Big Tech, Microsoft, Chicago, P Global, PMI, GE, GE HealthCare, GM, Boeing, Hess, ADP, CME Group, eBay, Honeywell, Hershey, McDonald's, Mastercard, Northrop, Royal, Enphase Energy, Mobile, Ford Motor, Intel, Mondelez, Exxon Mobil, Chevron, Procter, Gamble Locations: Royal Caribbean

LONDON, July 18 (Reuters) - Copper's electrical conductivity makes it a core component of the green energy transition, whether it be in the form of solar panels, electric vehicles or wind turbines. Which begs the question of where it might be if funds were collectively to buy into the green copper story. Fund positioning on the CME copper contractCHOPPY COPPERMoney manager net positioning on the CME copper contract has been flipping between long and short in recent weeks as LME copper chops around in a $8,140-8,870 range. China's recovery has disappointed copper bulls and funds shifted to the short side in May, coinciding with LME copper hitting the lower end of its trading range. Both volumes and open interest have perked up this year, but the driver appears to have been the China reopening story rather than the longer-term green energy narrative.

Persons: Conor Humphries Organizations: Citi, London Metal Exchange, CME, Traders, Shanghai Futures Exchange, Reuters, Thomson Locations: China

☆ UAW head says it’s prepared to strike against Big Three automakers as negotiations start Thursday
▼ + stars: | 2023-07-12 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

New York CNN —Ahead of contract negotiations set to begin Thursday, the head of the United Auto Workers union says they are declared that it’s prepared to strike against the Big Three US automakers. In a Facebook address to UAW members Tuesday, UAW President Shawn Fain said nearly 150,000 members will strike if Ford, Stellantis and General Motors do not meet their demands. And whether or not there’s a strike — it’s up to Ford, General Motors, and Stellantis, because they know what our priorities are. The UAW opens auto contract negotiations with Stellantis today, Ford on July 14, and General Motors on July 18. The last auto workers strike was in 2019, when 48,000 UAW members at General Motors walked off the job for six weeks.

Persons: it’s, Shawn Fain, Ford, We’ve, ”, Fain, Stellantis, we’re, Bill Pugliano, Jim Farley, Gerald Johnson, “, “ They’ve Organizations: New, New York CNN, United Auto Workers, Big Three, UAW, General, General Motors, Motors, Sterling Heights Assembly, Ford Locations: New York, Sterling Heights, Sterling Heights , Michigan, Stellantis

☆ Apple supplier Foxconn pulls out of $19.5 billion India chip project
▼ + stars: | 2023-07-10 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Lead Apple supplier and global manufacturing powerhouse Foxconn has pulled out of a $19.5 billion joint venture project with a Indian conglomerate Vedanta that would have brought semiconductor and display manufacturing to the Indian state of Gujarat. "Foxconn has determined it will not move forward on the joint venture with Vedanta," the Taiwanese company told CNBC. Foxconn said the decision was by "mutual agreement," but that it remained "confident" about India's semiconductor ambitions. Foxconn has broken ground on multiple factory sites across India, although the $20 billion joint venture with Vedanta would have been one of the largest. Foxconn continues to build other factories across India, including one in Telangana and one in Bengaluru.

Persons: Foxconn, Narendra Modi's, Vedanta Organizations: Apple, Foxconn, Vedanta, CNBC, U.S Locations: Mumbai, India, Gujarat, China, U.S, Telangana, Bengaluru

The London Metal Exchange (LME) index of base metals has sunk from a January high of 4,356 to 3,704. LME metals relative performance in H1 2023RELATIVE WEAKNESSOnly one core LME metal bucked the generally weaker trend in the first half of the year. Not that you would know it from LME nickel stocks, which fell by 16,872 metric tons, or 32%, over the first six months of 2023. LME copper stocks also fell by 18,850 metric tons over the first half of the year to 69,700 metric tons, half of which is cancelled and awaiting physical load-out. Indeed, LME zinc stocks have seen heightened cancellation activity over the last couple of weeks with 20% of registered inventory now awaiting load-out.

Persons: Tin, Sweden's, Goldman Sachs, Alexander Smith Organizations: PMI, London Metal Exchange, Citi . Grid, Citi, Shanghai Futures Exchange, Reuters, Thomson Locations: China, Europe, United States, Ireland, CHINA

In Asia, while factory activity expanded marginally in China, it contracted in Japan and South Korea as Asia's economic recovery struggled to maintain momentum. REUTERS/Siyi LiuChina's Caixin/S&P Global manufacturing PMI eased to 50.5 in June from 50.9 in May, the private survey showed. The figure, combined with Friday's official survey that showed factory activity extending declines, adds to evidence the world's No. South Korea's PMI fell to 47.8 in June, extending its downturn to a record 12th consecutive month on weak demand in Asia and Europe. Factory activity also contracted in Taiwan, Vietnam and Malaysia, the PMI surveys showed.

Persons: Rory Fennessy, lockdowns, Toru Nishihama, Siyi Liu China's, Jonathan Cable, Sam Holmes, David Evans Organizations: PMI, European Central Bank, Oxford Economics, P, Dai, Research, REUTERS, P Global, Reuters, Jibun, of, International Monetary Fund, Thomson Locations: Japan, South Korea, China, TOKYO, Europe, Britain, Asia, United States, European, U.S, Dezhou, Shandong province, South, Taiwan, Vietnam, Malaysia, of Japan's

☆ Asia's factory output slumps as weak China demand weighs
▼ + stars: | 2023-07-03 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

While manufacturing activity expanded marginally in China, it contracted in powerhouses Japan and South Korea as Asia's fragile economic recovery struggled to maintain momentum. New orders from overseas customers decreased in June at the fastest rate in four months reflecting feeble demand from China, the Japan PMI survey showed. Factory activity also contracted in Taiwan, Vietnam and Malaysia, the PMI surveys showed. Asia's economy is heavily reliant on the strength of China's economy, which saw growth rebound in the first quarter but subsequently fell short of expectations. The fate of Asia's economy, including China's, will have a huge impact on the global economy with aggressive monetary tightening to curb inflation likely to weigh on U.S. and European growth.

Persons: Liu, lockdowns, Toru Nishihama, Leika Kihara, Sam Holmes Organizations: REUTERS, PMI, Dai, Research, P Global, Reuters, Jibun, Japan PMI, International Monetary Fund, Thomson Locations: Dezhou, Shandong province, China, Japan, South Korea, TOKYO, Asia, U.S, Europe, Taiwan, Vietnam, Malaysia

☆ China's June factory activity slows as conditions weaken - Caixin PMI
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +3 min

BEIJING, July 3 (Reuters) - China's factory activity growth slowed in June, a private sector survey showed on Monday, with sentiment waning and recruitment cooling as firms grew increasingly concerned about sluggish market conditions. The figure, combined with Friday's official survey that showed factory activity extending declines, adds to evidence the world's No. The Caixin manufacturing PMI surveys around 650 private and state-owned manufacturers and, according to economists, focuses more on export-oriented firms in coastal regions, while the official PMI surveys 3,200 companies across China. Markets now anticipate more policy support to bolster a stuttering economic recovery, despite the central bank cutting key lending benchmark rates in June to shore up activity. "Problems reflected in June's Caixin China manufacturing PMI, ranging from an increasingly dire job market to rising deflationary pressure and waning optimism, also point to the same conclusion."

Persons: Wang Zhe, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, Caixin Insight, PMI, Companies, State Council, Thomson Locations: BEIJING, China, June's

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

☆ China's factory activity grew more slowly in June, Caixin survey shows
▼ + stars: | 2023-07-03 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

China's factory activity grew more slowly in June, a private-sector survey showed on Monday, corroborating official data last week that pointed to stuttering growth in the world's second-largest economy. The Caixin/S&P Global manufacturing purchasing managers' index slipped to 50.5 in June from 50.9 in May. China's National Bureau of Statistics released data last Friday that showed the country's official manufacturing PMI coming in at 49.0 in June — compared with 48.8 in May. "Problems reflected in June's Caixin China manufacturing PMI, ranging from an increasingly dire job market to rising deflationary pressure and waning optimism, also point to the same conclusion." The Caixin manufacturing PMI surveys around 650 private and state-owned manufacturers that tend to be more export-oriented and located in China's coastal regions, while the official PMI surveys 3,200 companies across China.

Persons: —, Wang Zhe Organizations: P Global, National Bureau of Statistics, Caixin Insight, PMI Locations: June's, China

Traders work on the floor of the New York Stock Exchange (NYSE), June 29, 2023. U.S. stock futures were little changed Sunday night, as traders prepared for the second half of what's already been a stellar year on Wall Street. Tesla shares were little changed in overnight trading after the electric vehicle maker reported delivery and production numbers that beat analysts' expectations. Recent data showing a resilient U.S. economy despite higher rates also lifted investor sentiment, easing some fears on Wall Street of a long-awaited downturn. Investors will pore over the latest ISM Manufacturing PMI and S&P Global manufacturing PMI data for June Monday morning ahead of Friday's keynote jobs report.

Persons: Stocks, Mark Hackett, Nationwide's Organizations: New York Stock Exchange, Futures, Dow Jones, Nasdaq, Independence, Manufacturing PMI, P Global Locations: technicals

☆ The AI-powered rally to start the year could broaden out in the third quarter
▼ + stars: | 2023-06-30 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Stocks markets are wrapping up a surprisingly strong start to the year, but whether it will continue is an open question as investors wade into a seasonally weak period for markets. Even the laggard Dow Jones Industrial Average, with few tech stocks, managed to eke out a 3.6% gain. Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla account for 80% of the gains in the S & P 500, according to UBS. The S & P 500 health sector is down almost 3% this year. Next week marks the start of July and the third quarter of 2023.

Persons: didn't, Jamie Cox, Cox, John Lynch, Harris Financial's Cox, that's, Comerica's Lynch, Kim Forrest, Nonfarm payrolls Organizations: Spring, Federal Reserve, Dow Jones, Harris Financial, Apple, Meta, Microsoft, Nvidia, UBS, Comerica Wealth Management, Nasdaq, Investors, Bokeh Capital Partners, Independence, P Global, PMI, Tuesday U.S

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