Fed's Empire State manufacturing index in January decline
The numbers: The Empire State survey of business conditions nosedived to -0.7 points in January from 31.9 in the prior month, the New York Federal Reserve said, reflecting fresh strains from omicron as well as ongoing supply-chain bottlenecks.Any reading below zero indicates worsening conditions.
Market reaction: The Dow Jones Industrial Average DJIA, -0.56% and S&P 500 SPX, +0.08% were set to open lower in Tuesday trades. Omicron and the prospect of U.S. interest rates rising soon have deflated equities markets lately.
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