ISM Services PMI Hits Six-Month High at 55.4, Beating Consensus
IXIC sits 29% above its 52-week low of $20,690.249.
Summary
The ISM Services PMI rose to 55.4 in August, a six-month high and above the 54.1 consensus, signaling broad-based expansion in the services sector. Business activity and new orders surged to multi-year highs, but the employment index remained in contraction at 47.8 as firms stayed reluctant to hire amid cost pressures from tariffs, the Mideast conflict, and AI-related memory shortages. The prices index jumped to 72.6, the highest since August 2022, indicating persistent inflation in services. This data is likely to influence expectations for Fed policy and could support the Nasdaq's recent rebound after three losing sessions.
At the time of this announcement, IXIC was trading at $26,600.95 on NASDAQ in the Trade & Services sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Mace News.