Dallas Fed Manufacturing Index Rises To 0.9; SP500 Pulls Back From Session Highs

On July 28, 2025, the Federal Reserve Bank of Dallas released Dallas Fed Manufacturing Index report for July. The report indicated that Dallas Fed Manufacturing Index improved from -12.7 in June to +0.9 in July, compared to analyst forecast of -8.

Production Index increased from 1.3 in June to 21.3 in July, while Capacity Utilization grew from -1.0 to 17.3. It should be noted that Production Index reached its highest level in more than three years.

Prices Paid for Raw Materials declined from 43.0 in June to 41.7 in July, while Wages and Benefits decreased from 13.4 to 13.2.

U.S. Dollar Index settled near session highs as traders reacted to the better-than-expected Dallas Fed Manufacturing Index report. Currently, U.S. Dollar Index is trying to settle above the 98.30 level. U.S. dollar is also supported by the U.S. – EU trade deal.

Gold is trading near session lows as traders focus on the strong U.S. dollar. Gold has recently made an attempt to settle below the $3300 level.

SP500 pulled back towards the 6400 level as traders took some profits off the table near historic highs. It remains to be seen whether the encouraging Dallas Fed Manufacturing Index report will provide sufficient support to SP500 as traders may stay focused on Trump’s tariff policy.

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