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Amazon.com, Inc. (AMZN) - free report >>
JPMorgan Chase & Co. (JPM) - free report >>
U.S. Manufacturing Falls, Global Economic Fears & A New Strong Buy Stock
On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains dives into new worrisome U.S. manufacturing data that helped send stocks down. Elsewhere, global economic fears increased on the back of another European slowdown. Meanwhile, Apple (AAPL - Free Report) stock popped on JPMorgan (JPM - Free Report) positivity, and Amazon (AMZN - Free Report) is set to push deeper into brick and mortar.
The Institute for Supply Management released its monthly manufacturing index on Tuesday. September’s figure fell to 47.8, down from just over 49 in August—any reading below 50 indicates a contraction. The new number represented the lowest levels since June 2009. This helped send all three major U.S. indexes down through morning trading.
On top of that, eurozone manufacturing PMI data dropped to levels not seen in years, as Germany dipped deeper. The World Trade Organization also said that trade is set to grow at a much slower pace in 2019, as the U.S.-China trade war continues.
The new manufacturing indicators could make Wall Street and investors start to fear that the fourth quarter of 2019 might look something like 2018’s selloff, led by tech giants such as Facebook . Still, it is worth noting that the first nine months of the year marked the S&P 500’s strongest performance since 1997.
We then close with a look at why Five9, Inc. (FIVN - Free Report) stock is a Zacks Rank #1 (Strong Buy).
Free: Zacks’ Single Best Stock Set to Double
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This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
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