Chicago PMI For October 44 Vs 45 Est.; 44.1 Prior
Portfolio Pulse from Benzinga Newsdesk
The Chicago Purchasing Managers' Index (PMI) for October came in at 44, lower than the estimated 45 and the prior figure of 44.1. This indicates a contraction in the manufacturing sector in the Chicago region.
October 31, 2023 | 1:45 pm
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NEGATIVE IMPACT
The lower-than-expected Chicago PMI could negatively impact the SPY ETF, which tracks the S&P 500, as it suggests a contraction in the manufacturing sector.
The SPY ETF tracks the S&P 500, which includes companies from the manufacturing sector. A contraction in this sector, as indicated by the lower-than-expected PMI, could lead to a decrease in the value of these companies and, consequently, the SPY ETF.
CONFIDENCE 80
IMPORTANCE 70
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