S&P Global U.S. Manufacturing PMI For July 49.0 Vs 46.4 Expected; 46.3 Prior
Portfolio Pulse from Benzinga Newsdesk
The S&P Global U.S. Manufacturing PMI for July was reported at 49.0, higher than the expected 46.4 and the prior figure of 46.3. This indicates a slight improvement in the manufacturing sector, although it is still below the 50 mark that separates expansion from contraction.
July 24, 2023 | 1:45 pm
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POSITIVE IMPACT
The higher than expected PMI could have a positive impact on the SPY ETF, as it indicates a potential recovery in the manufacturing sector. However, the PMI is still below 50, indicating contraction, which could limit the positive impact.
The SPY ETF tracks the S&P 500 index, which includes companies from the manufacturing sector. A higher than expected PMI indicates a potential recovery in the sector, which could lead to improved earnings for these companies and a potential increase in the SPY ETF. However, the PMI is still below 50, indicating contraction, which could limit the positive impact.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75