Monday's Market Update (May 1, 2023)

01 May 2023 by rate3

On Monday, JMP seized FRB, and the Manufacturing PMI rose to 47.1 in April (consensus was 46.8), up from a three-year low of 46.3 in March. Meanwhile, traders took a pause as expected prior to the FED meeting starting tomorrow. The NASDAQ (o:12210, c:12212) stalled as BTC (o:28596, c:27843) dropped 2.6 percent in a continuing correction with low volumes.

According to the Institute for Supply Management (ISM), activity in the manufacturing sector shrank further in April, marking the sixth consecutive month of downgrades after a 28-month period of growth. This was attributed to higher borrowing costs and tight credit, while employment levels stabilized after two periods of decline.