Story developing. Stay tuned for updates here.
The numbers: The Institute for Supply Management said on Tuesday that its service-sector PMI fell to 52.6% in February from 53.4% in the prior month.
The drop was bigger than expected. Economists polled by the Wall Street Journal had expected the ISM index to inch lower to 53.1%.
Numbers over 50% indicate expansion in the economy. The non-manufacturing index has been above 50 since December 2022.
A separate gauge, the S&P Global U.S. Services PMI posted 52.3 in its final reading in February. That’s up from a “flash” reading of 51.3. The PMI was 52.5 in January.
Key details: A measure of new orders was 56.1 in February, up from 55 in the prior month.
A measure of prices paid for services fell to 58.6 from 64 in January. That’s a reversal from the prior month.
Market reaction: Stocks
DJIA
SPX
opened lower on Tuesday while the 10-year Treasury yield
BX:TMUBMUSD10Y
was down to 4.124% in early morning trading
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