Key Insights
- ISM Services PMI decreased from 53.6 to 51.8.
- Business Activity Index declined from 58.8 to 54.1.
- SP500 tested new highs as traders bet that Fed will start cutting rates next year.
On November 3, the Institute for Supply Management released ISM Services PMI report for October. The report indicated that Services PMI declined from 53.6 in September to 51.8 in October, compared to analyst consensus of 53.
Business Activity Index declined from 58.8 in September to 54.1 in October, while New Orders Index increased from 51.8 to 55.5.
The Institute for Supply Management commented: “The services sector continues to slow […] Sentiment among Business Survey Committee respondents’ comments is mixed, with some optimistic about the current steady and stable business conditions and others concerned about such economic factors as inflation, interest rates and geopolitical events.”
Today, traders also had a chance to take a look at the final reading of S&P Global Services PMI report, which showed that Services PMI increased from 50.1 in September to 50.6 in October.
U.S. Dollar Index settled near the 105.30 level after the release of the ISM Services PMI report. The U.S. dollar is under pressure as Treasury yields are moving lower at a robust pace.
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