Dow Jones Industrial Average has opened lower on the back of the lower-than-expected ISM Non-Manufacturing PMI number. The Dow Jones futures had already erased more than 1.5% and the index followed the futures asset 0.2% lower at the opening bell.
The ISM Non-Manufacturing PMI came in at 52.6, which was lower than the consensus figure of 55.1. The soft figure follows the disappointment of the ISM Manufacturing PMI on Tuesday. The fall in the Dow Jones Industrial Average is being led by the Materials and Industrials subsectors, as concerns continue to mount on the contraction of the manufacturing sector. No doubt, the contraction in the services sector will also add to the bearish sentiment on the Dow. The news also puts the US Dollar under pressure heading into tomorrow’s NFP figures.
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Technical Play on Dow Jones
At the time of writing, the Dow Jones Industrial Average was trading at 25,752.50, this means that the daily candle is now challenging the lower border of the rising wedge.