USA S&P Global US Manufacturing PMI For July 49.5 Vs 51.7 Est.; 51.6 Prior
Portfolio Pulse from Benzinga Newsdesk
The USA S&P Global US Manufacturing PMI for July came in at 49.5, below the estimated 51.7 and the prior 51.6. This indicates a contraction in the manufacturing sector.
July 24, 2024 | 1:45 pm
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NEGATIVE IMPACT
The USA S&P Global US Manufacturing PMI for July fell to 49.5, below expectations and the previous month's figure, indicating a contraction in the manufacturing sector. This could negatively impact the broader market sentiment.
The lower-than-expected PMI indicates a contraction in the manufacturing sector, which could lead to negative sentiment in the broader market. SPY, being an ETF that tracks the S&P 500, is likely to be impacted by this news.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80