S&P Global Services PMI For October 50.9 Vs 49.8 Est.; 50.1 Prior
Portfolio Pulse from Benzinga Newsdesk
The S&P Global Services PMI for October was reported at 50.9, beating the estimate of 49.8 and the prior figure of 50.1.
October 24, 2023 | 1:45 pm
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POSITIVE IMPACT
The S&P Global Services PMI for October, which exceeded expectations, could have a positive impact on SPY as it indicates a healthier economy.
The S&P Global Services PMI is a key economic indicator. A higher than expected PMI suggests that the service sector, and by extension the overall economy, is performing better than anticipated. This could lead to increased investor confidence and a potential rise in the SPY ETF, which tracks the S&P 500 index.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80