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Empire State: Been down so long, it looks like up to me



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S&P 500, Nasdaq, Dow turn higher

Real estate is weakest S&P 500 sector; industrials leads gainers

Euro STOXX 600 index off edges up ~0.1%

Dollar edges down; gold, bitcoin down ~0.5%; crude up >1%

U.S. 10-Year Treasury yield rises to ~4.29%

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EMPIRE STATE: BEEN DOWN SO LONG, IT LOOKS LIKE UP TO ME

The circumstances for New York State factories has grown a shade less dire in June.

The New York Fed's manufacturing index, (d.b.a. Empire State) USEMPM=ECI delivered a reading of -6, an improvement over May's -15.6 and not quite as grim as the -9 print analysts were expecting.

An Empire State reading below zero indicates a monthly contraction in factory activity.

On the bright side, it was the least bleak the index has been since February. That's cold comfort, considering it's been in contraction territory for seven months now.

Looking under the hood, the new orders segment improved and the outlook for future business conditions surged to a cheery reading of 30.1.

But the employment components worsened, and capex plans look "sluggish," according to the press release.

"Manufacturing conditions remained weak in New York State in June," writes Richard Deitz, economic research advisor at the NY Fed. "Employment continued contracting, and capital spending plans remained flat."

"Despite lackluster conditions, optimism about the six-month outlook rose to its highest level in over two years," Deitz adds.

Demand for manufactured goods - particularly for big-ticket durable goods - has been pressured by high interest rates, which have prompted consumers and businesses to postpone their spending on such items.

The Institute for Supply Management's new orders index showed a steepened contraction in May and the most recent take on GDP showed consumer spending on goods actually detracted a net 40 basis points from first-quarter GDP.

The Philly Fed is expected on Thursday, which should help flesh out the picture regarding Atlantic region manufacturing:

(Stephen Culp)

*****



FOR MONDAY'S EARLIER LIVE MARKETS POSTS:


WALL STREET INDEXES EDGE RED WITH DOW EYING 5TH LOSS IN A ROW - CLICK HERE


NASDAQ COMPOSITE: FLYING ON FUMES? - CLICK HERE


OOH LA LA! LONDON STOCKS SNAP AT PARIS' HEELS - CLICK HERE


US MARKETS TO BENEFIT FROM FRENCH POLITICAL STRESS - CLICK HERE


THAT BUY-THE-DIP TEMPTATION - CLICK HERE


WAITING FOR BARDELLA’S MANIFESTO - CLICK HERE


STOXX AT THE OPEN: BOUNCING BACK - CLICK HERE


EUROPE'S FUTURES INCH UP AFTER FRENCH BATTERING - CLICK HERE


CHINA FAILS TO CHEER, AS FRANCE SCORES OWN - CLICK HERE










(Terence Gabriel is a Reuters market analyst. The views expressed are his own)

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