S&P Global Services PMI For June 55.1 Vs 53.4 Est.; 54.8 Prior
Portfolio Pulse from Benzinga Newsdesk
The S&P Global Services PMI for June came in at 55.1, surpassing the estimated 53.4 and the prior month's 54.8. This indicates a stronger-than-expected expansion in the services sector.
June 21, 2024 | 1:45 pm
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POSITIVE IMPACT
The S&P Global Services PMI for June exceeded expectations, which is likely to have a positive impact on the SPDR S&P 500 ETF (SPY) as it reflects stronger economic growth in the services sector.
The higher-than-expected PMI suggests robust growth in the services sector, which is a significant component of the economy. This positive economic indicator is likely to boost investor confidence in the broader market, benefiting SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80