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SPY, QQQ Recover Early Losses Amid Fed Rate Cut Uncertainty and Manufacturing Weakness
SPY, QQQ Recover Early Losses Amid Fed Rate Cut Uncertainty and Manufacturing Weakness
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BTCCSquare news:
U.S. equities clawed back from morning declines as the S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) closed higher despite headwinds. The ISM Manufacturing Index slipped to 48.7, remaining in contraction territory for the third consecutive month. Tariff uncertainty weighed on sentiment, with one electronics industry respondent noting import costs remain preferable to domestic sourcing even with trade barriers.
Former President TRUMP escalated rhetoric around trade policy, warning of economic vulnerability if Supreme Court challenges to his tariff authority succeed. The 1977 International Emergency Economic Powers Act faces judicial scrutiny this week, with potential implications for cross-border commerce and inflation dynamics.
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