U.S. manufacturing activity fell to a 10-year low, dragged down by a weakening global economy.

The Institute for Supply Management’s (ISM) Purchasing Managers’ Index (PMI) fell to 47.6 in September, the lowest level since June 2009. As shown in the LPL Chart of the Day, the gauge stayed in contractionary territory (below 50) for a second straight month.

Underlying data in the ISM report showed tepid global demand continued to weigh on domestic manufacturing. ISM’s gauge of new orders was largely unchanged, but new export orders dropped to the lowest level of the economic cycle.

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Speaker of the House Nancy Pelosi announced last week that she would support an impeachment inquiry into President Donald Trump. We’ve received many requests from our LPL advisors asking what exactly this may mean for the stock market, and here’s what we found.

Impeachment inquiries can cause a good deal of volatility, as stocks fell as much as 20% ahead of President Bill Clinton’s impeachment inquiry that began in October 1998, and we saw the vicious bear market of 1973–74 during the impeachment process against President Richard Nixon.

Of course, the Russian ruble crisis and the failure of he

The U.S. economy continues to perform well when compared to the rest of the developed world, and is still exhibiting growth near its long-term trend. The outlook in other developed economies is not quite as bright, however, as unconventional and aggressive policy decisions from global central banks are becoming increasingly ineffective.

Our View

The United States and emerging markets still stand out to us as relatively more attractive investment opportunities than developed international markets, based in large part on relatively stronger outlooks for economic growth and corporate profits. The outlook for emerging markets de

LPL Financial Chief Investment Strategist John Lynch talks about global central bank accommodations and financial markets maintaining near-record highs.

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