US benchmarks slumped more than two per cent each on Friday after a barrage of disappointing economic data from home and away dented global equity markets.

Manufacturing purchasing managers’ indices (PMIs) in the US, UK, Eurozone and China suffered falls in May, according to the latest data released today. While the US, UK and Chinese manufacturing PMIs remained above 50 (indicating expansion), the Eurozone PMI sank further below the 50-point mark.

Furthermore, non-farm payrolls in the US grew by just 69,000 during the month of May, according to data released by the Bureau of Labour Statistics (BLS); the consensus estimate had been for an increase of 150,000.

The poor jobs data fuelled rumours today that the Federal Reserve will kick-start a third round of quantitative easing (QE3) in the near future. ‘The focus will be on Fed Chairman Bernanke when he testifies to a Congress Committee next Thursday for hints of whether today’s report might prove decisive in the FOMC’s deliberations,’ said analysts at Barclays Capital.

COMPANIES

Financials were among the worst performers of the day on the back of the weaker-than-expected economic data: Bank of America, American Express and JPMorgan Chase and Co finished firmly in the red.

Beacon Federal Bancorp surged by 45% after Berkshire Hills Bancorp said that it would acquire the banking peer for $132m.

Speculation about QE3 spurred a rise in gold prices today, pushing up the prices of gold mining groups IamGold, Barrick Gold and Kinross Gold.

In contrast, tech stocks were out of favour with Hewlett-Packard, Groupon, Dell and Western Digital Corp among the worst performers.

S&P 500 – Risers
Newmont Mining Corp. (NEM) $50.30 +6.66%
MEMC Electronic Materials (WFR) $1.72 +2.99%
Duke Energy Corp. (DUK) $22.35 +1.68%
Tesoro Corp. (TSO) $22.49 +1.67%
Progress Energy Inc. (PGN) $55.52 +1.28%
Northeast Utilities (NU) $36.42 +1.14%
Clorox Co. (CLX) $69.41 +0.89%
Pepco Holdings Inc. (POM) $19.21 +0.79%
PPL Corp. (PPL) $27.47 +0.37%
Nucor Corp. (NUE) $35.88 +0.34%

S&P 500 – Fallers
PulteGroup Inc. (PHM) $8.26 -11.75%
Pioneer Natural Resources Co. (PXD) $88.30 -8.69%
D. R. Horton Inc. (DHI) $15.21 -8.37%
Lennar Corp. Class A (LEN) $25.02 -8.32%
Yum! Brands Inc. (YUM) $64.70 -8.04%
Chesapeake Energy Corp. (CHK) $15.58 -7.81%
Eog Resources Inc. (EOG) $91.93 -7.42%
Discover Financial Services (DFS) $30.72 -7.22%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $49.13 -7.04%
American International Group Inc. (AIG) $27.21 -6.75%

Dow Jones I.A – Risers

Dow Jones I.A – Fallers
Hewlett-Packard Co. (HPQ) $21.25 -6.31%
Bank of America Corp. (BAC) $7.02 -4.49%
American Express Co. (AXP) $53.43 -4.30%
JP Morgan Chase & Co. (JPM) $31.93 -3.68%
Boeing Co. (BA) $67.24 -3.40%
Travelers Company Inc. (TRV) $60.58 -3.06%
General Electric Co. (GE) $18.52 -2.99%
McDonald’s Corp. (MCD) $86.71 -2.94%
Alcoa Inc. (AA) $8.30 -2.92%
Walt Disney Co. (DIS) $44.40 -2.87%

Nasdaq 100 – Risers
Infosys Technologies Ltd. (INFY) $42.18 +0.19%

Nasdaq 100 – Fallers
Seagate Technology Plc (STX) $21.74 -7.21%
First Solar Inc. (FSLR) $11.77 -6.29%
Wynn Resorts Ltd. (WYNN) $97.38 -5.49%
Nll Holdings Inc. (NIHD) $10.92 -5.21%
Starbucks Corp. (SBUX) $52.12 -5.05%
Urban Outfitters Inc. (URBN) $26.67 -4.65%
Sandisk Corp. (SNDK) $31.23 -4.50%
Marvell Technology Group Ltd. (MRVL) $11.97 -4.47%
J.B. Hunt Transport Services Inc. (JBHT) $54.66 -4.32%
Warner Chilcott Plc (WCRX) $18.05 -4.29%

BC