The industrials sector (XLI) started 2020 with a bang, up close to 2% on first day of trading on economic optimisms led by the manufacturing sector, which has been in contractionary territory for 5 consecutive months based on the ISM indicator. However, the hopes were dampened on Friday as the latest reading of the manufacturing ISM plummeted to lowest level since 2009 at 47.1.
Source: Institute of Supply Management
To wit from MarketWatch:
The deterioration in December stemmed in part from Boeing BA suspending production of its troubled 737 Max jetliner and