S&P Global U.S. Services PMI Data Analysis: October 2023

U.S. Services PMI Data

• 📊 The October final read on the U.S. services sector and composite PMI from S&P Global came in at 54.8, lower than the estimated 55.2.
• 📉 The composite PMI was 54.6, slightly down from the mid-month read of 54.8.
• 📈 Despite being below expectations, both readings are sequentially higher than the previous month's figures.

Market Reaction and Yields

• 📈 Interest rates are moving up, with the 10-year Treasury yield reaching 4.12%.
• ⚠️ This rise is significant as it surpasses yesterday's high of 4.11%, potentially marking a fresh one-month high yield close.
• 🔍 The market is reacting to the data, with yields climbing even as the services PMI underperformed estimates.

Upcoming Economic Data

• ⏳ The market awaits the release of ISM services PMIs at the top of the hour for fresh October readings.