USA S&P Global Services PMI For July 56.0 Vs 54.7 Est.; 55.3 Prior
Portfolio Pulse from Benzinga Newsdesk
The USA S&P Global Services PMI for July came in at 56.0, surpassing the estimated 54.7 and the prior 55.3. This indicates a stronger-than-expected expansion in the services sector.
July 24, 2024 | 1:45 pm
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POSITIVE IMPACT
The USA S&P Global Services PMI for July exceeded expectations, which is likely to have a positive impact on the SPDR S&P 500 ETF (SPY) as it reflects stronger economic activity in the services sector.
The higher-than-expected PMI indicates robust economic activity in the services sector, which is a significant component of the overall economy. This positive economic data is likely to boost investor confidence and support higher stock prices, benefiting SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80