S&P Global Composite PMI For May 54.5 Vs 54.4 Est; 51.3 Prior
Portfolio Pulse from Benzinga Newsdesk
The S&P Global Composite PMI for May came in at 54.5, slightly above the estimated 54.4 and significantly higher than the prior 51.3.
June 05, 2024 | 1:45 pm
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POSITIVE IMPACT
The S&P Global Composite PMI for May exceeded expectations, coming in at 54.5 compared to the estimated 54.4 and the prior 51.3. This indicates a stronger economic performance, which is likely to positively impact the SPY ETF.
The higher-than-expected PMI suggests stronger economic activity, which generally leads to positive sentiment in the stock market. As SPY tracks the S&P 500, it is likely to benefit from this positive economic indicator.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80