Investor Jitters Rise: US Services Sector Sends Puzzling Signals in August
Portfolio Pulse from Piero Cingari
The US services sector showed signs of resilience in August, with the ISM Services PMI recording its eighth straight month of expansion at 54.5, higher than July's reading of 52.7 and above economist expectations of 52.5. However, the Service PMI data measured by S&P Global was downwardly revised from an initial estimate of 51 to 50.5 in August, indicating only a marginal pace of expansion. The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.5% amid worries that the Fed may keep a rate hike option open for the coming months.

September 06, 2023 | 2:29 pm
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The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.5% amid concerns that the Federal Reserve may keep a rate hike option open for the coming months.
The downward revision of the Service PMI data by S&P Global and concerns about a potential rate hike by the Federal Reserve have negatively impacted the SPDR S&P 500 ETF Trust (NYSE:SPY). This has led to a 0.5% fall in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100