S&P Global U.S. Services PMI Hits 54.4, Best Since Late 2023

U.S. Services PMI Data

• 📊 The S&P Global Services PMI came in at 54.4, slightly higher than the previous reading of 54.3 and beating the estimate of 54.2.
• 📈 This marks the best level for services PMI since the end of last year.

Composite PMI and Economic Trends

• 🧩 The composite PMI remained steady at 53.5, matching the mid-month figure and also matching levels seen at the end of last year.
• 📉 This data suggests a continued, albeit potentially slowing, economic activity that is keeping pace with the uncertainty and volatility in the stock market.

Interest Rates and Treasury Markets

• 📉 Interest rates appear to have bottomed out, with the 10-year Treasury yield flirting with a 3% handle, down two basis points since October.
• 🏦 This movement in treasuries seems to be influenced by the weakness and volatility in equities, leading to purchases of treasuries.

Dollar Index Performance

• ⚖️ The Dollar Index is currently comparable to its levels against the Euro and Yen from the last time it was at these points.
• 🌐 The Euro and Japanese Yen hold the highest weighting within the Dollar Index.