Composite PMI Rises To 53.5; SP500 Tests Session Highs

On March 24, 2025, S&P Global released PMI reports for March. Manufacturing PMI declined from 52.7 in February to 49.8 in March, compared to analyst forecast of 51.8. Numbers below 50 show contraction.

Services PMI increased from 51 in February to 54.3 in March, compared to analyst consensus of 50.8. The strong performance of the services sector provided material support to Composite PMI. The report showed that Composite PMI improved from 51.6 in February to 53.5 in March, while analysts expected that it would drop to 51.5.

S&P Global commented: “Near-term risks also seem tilted to the downside. Growth is concentrated in the service sector as manufacturing fell back into decline after the front-running of tariffs had temporarily boosted factory output in the first two months of the year.”

U.S. Dollar Index moved higher as traders reacted to the stronger-than-expected Composite PMI report. Currently, U.S. Dollar Index is trying to settle above the 104.30 level.

Gold pulled back towards the $3020 level as traders focused on stronger dollar and rising Treasury yields.

SP500 tested session highs, supported by strong PMI data. Currently, SP500 is trying to settle above the 5760 level.

For a look at all of today’s economic events, check out our economic calendar.