Stocks dropped yesterday, the first trading day of December, as investors digested disappointing manufacturing data along with the latest trade news after capping a month that featured blistering gains.
Manufacturing activity continued to lag in November amid a decline in inventories and new orders, according to the latest ISM Manufacturing reading released yesterday. The reading came in at 48.1 vs. an expectation of 49.4. Any reading below 50 represents a contraction. This is the 4th straight reading below 50.
Outlays for U.S. construction projects fell 0.8% in October at a seasonally adjusted annual rate of $1.29 trillion. Economists had expected growth of 0.4%. Spending on private construction declined 1%, with residential construction down by 0.9%.
According to Salesforce.com, a whopping 76% of digital traffic during the Thanksgiving Day holiday weekend came from mobile devices with 60% of Thanksgiving Day shopping executed on smartphones. And 9% of those orders placed came from products that were clicked or tapped from an algorithmic recommendation, proving that artificial intelligence is gaining traction in directing online traffic.
With Northwest Quadrant Wealth Management, I'm Tyler Simones.