After a positive start to trading on Monday, US equities fell sharply following a report by the
However, stocks climbed well off their lows after ISM revealed that the data was incorrect due to a series of technical glitches.
Eventually, the data, which had to be revised twice, showed that the purchasing managers index inched up to 55.4 in May from 54.9 in April, in line with economists' estimates.
The S&P 500 and DJIA closed up 0.1% and 0.2%, respectively, while the NASDAQ Composite closed down 0.1%.
"Itís not unusual to see the more cautious approach from traders in the lead up to such a huge decision and I wonít be surprised if it continues for the next couple of days," says
Prior to the
Meanwhile, the CAC 40 in
This negative sentiment is expected to roll into the US session, where, ahead of the
However, "with ADP numbers tomorrow kicking off the busy half of the week, today is probably just going to see some nervous shifting of positions," says
"The US session is looking a little quiet again, with the major events being saved for the second-half of the week," says Erlam.
Also in the US data calendar, the Redbook of retail sales is published at
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