Manufacturing Crashes Further While Services Boom: What You Need To Know About Latest US PMI Data
Portfolio Pulse from Piero Cingari
The latest US PMI data shows business activity at its highest level in 13 months, with the S&P Global US Composite PMI at 54.5 in May. However, the gap between manufacturing and services continues to widen, with manufacturing PMI at 48.5 and services PMI at 55.1. The stock market is volatile, with SPY down 0.3% and QQQ down 0.4%.
May 23, 2023 | 3:00 pm
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NEGATIVE IMPACT
The QQQ Invesco Trust (QQQ) is down 0.4% as the latest US PMI data reveals a widening gap between manufacturing and services.
The latest PMI data shows a growing gap between manufacturing and services, which may cause investors to be cautious and lead to a decline in the QQQ ETF. The 0.4% drop in QQQ reflects this uncertainty in the market.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) is down 0.3% as the latest US PMI data reveals a widening gap between manufacturing and services.
The latest PMI data shows a growing gap between manufacturing and services, which may cause investors to be cautious and lead to a decline in the SPY ETF. The 0.3% drop in SPY reflects this uncertainty in the market.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80