US stocks moved higher on Tuesday driven up by a stronger than expected US ISM Manufacturing report which showed a robust expansion in the manufacturing sector. The Nasdaq continued to lead the markets higher driven by large-cap tech stocks. Walmart surged higher on Tuesday buoying the consumer staples sectors as the company announced a new subscription service. Zoom shares rallied nearly 40% after the company reported better than expected financial results. The company has now captured 50% of the video conferencing globally.
Walmart Announces New Subscription Service
Walmart announced a new subscription service that will cost $98 a year to receive free delivery for orders over $35. The company hopes to build on the success of its pickup grocery business. That is lower than the $119 charged for Amazon Prime, but Walmart will require an order of at least $35, while Prime does not have a minimum.
ISM Manufacturing Comes in Much Stronger than Expected
The manufacturing sector in the US is robust, and the Tuesday report from the Institute of Supply Management showed a stronger than expected number. The August ISM Manufacturing Index came in at 56.0 in August compared to expectations that it would rise to 54.5 from 54.2 in July. New orders, surged to 67.6 in August from 61.5 in July and production rose to 63.3 in August from 62.1 in July. Backlogs also increased to 54.6 from 51.8 in July, while prices paid jumped to 59.5 from 53.2. the August expansion in manufacturing was the 4th consecutive month of expansion in a row. There was some news that was not as upbeat. The employment component only rose to 46.4 from 44.3 and remains in contraction territory.
US Construction Spending Edged Higher
U.S. construction spending edged higher in July. The Commerce Department reported that construction spending edged up 0.1%. Data for June was revised to show construction outlays falling 0.5% instead of decreasing 0.7% previously. Expectations had been for construction spending to rebound 1.0% in July. Construction spending dipped 0.1% year over year.
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