Wall Street drops as U.S. factory activity contracts

Trader Jonathan Corpina works with children during a traditional bring-your-kids-to-work day on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 29, 2019. REUTERS/Brendan McDermid

(Reuters) – U.S. stock indexes dropped on Monday after data showed the U.S. manufacturing sector contracted for a fourth straight month in November as new order volumes slid to their lowest level since 2012.

The Institute for Supply Management (ISM) said its index of national factory activity fell to 48.1 from 48.3 the month before. The reading was below expectations of 49.2 from a Reuters poll of 57 economists.

At 10:05 a.m. ET, the Dow Jones Industrial Average .DJI was down 118.11 points, or 0.42%, at 27,933.30, and the S&P 500 .SPX was down 19.36 points, or 0.62%, at 3,121.62. The Nasdaq Composite .IXIC was down 87.43 points, or 1.01%, at 8,578.04.

Reporting by Susan Mathew in Bengaluru; Editing by Arun Koyyur

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