Nasdaq ticks up on hopes of less aggressive rate hikes after weak PMI data

US composite PMI at lowest since February 2021; Zoom tumbles on weak forecast; Macy's shares rise on earnings beat

Wall Street

Photo: Shutterstock

The tech-heavy Nasdaq edged higher in choppy trading on Tuesday supported by megacap growth stocks on cautious hopes that the Federal Reserve will not be as aggressive in raising rates following weak U.S. business activity data.
Private-sector business activity in the United States contracted for a second straight month in August, with particular softness in the services sector as demand weakened in the face of inflation and tighter financial conditions.
The S&P Global flash composite purchasing managers index (PMI) for August dropped to 45 this month, the lowest since February 2021, from a final reading of 47.7 in July. A reading below 50 indicates a contraction in activity.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 23 2022 | 8:30 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to