Chicago PMI For July 42.8 Vs 43 Est.; 41.5 Prior
Portfolio Pulse from Happy Mohamed
The Chicago Purchasing Managers' Index (PMI) for July came in at 42.8, slightly below the estimated 43 but higher than the prior month's 41.5.
July 31, 2023 | 1:45 pm
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NEGATIVE IMPACT
The SPY ETF, which tracks the S&P 500, may be impacted by the lower-than-expected Chicago PMI. This economic indicator can influence market sentiment and thus affect the ETF's price.
The Chicago PMI is a key economic indicator that can influence market sentiment. A lower-than-expected PMI suggests a slower pace of economic expansion, which can negatively impact market sentiment and thus potentially lead to a decrease in the price of the SPY ETF, which tracks the S&P 500.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75