Services Sector Growth Moderates In September, Business Optimism Holds Strong
Portfolio Pulse from Piero Cingari
The U.S. services sector growth moderated in September due to elevated interest rates and uncertainty related to the risk of a government shutdown. The ISM Services PMI dropped by 0.9 percentage points to 53.6, indicating the ninth consecutive month of growth. The slowdown was primarily driven by a decline in the employment and new orders subindices. The SPDR S&P 500 ETF Trust (NYSE:SPY) was flat for the day.
October 04, 2023 | 2:20 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) was flat for the day after the announcement of the slowdown in the U.S. services sector growth.
The slowdown in the U.S. services sector growth could have a potential impact on the overall market, and hence on SPY. However, the ETF remained flat for the day, indicating that the market has already priced in the slowdown.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 75