STOCKS CLIMB AND YIELDS FALL AS DATA SUPPORTS VIEW OF RATE CUTS

Global stock indexes climbed on Friday while Treasury yields declined as weaker-than-expected U.S. data reinforced investor expectations of Federal Reserve interest rate cuts in the coming months.

The Institute for Supply Management (ISM) announced on Friday that its manufacturing Purchasing Managers' Index (PMI) dropped to 47.8 last month from 49.1 in January. This marked the 16th consecutive month that the PMI remained below 50, signaling contraction in the manufacturing sector. Despite this economic data, the Nasdaq saw gains, following its record-high close the previous day. The index was buoyed by increases in stocks linked to artificial intelligence, such as chip designer Nvidia and others.

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