ISM Services PMI Rises To 51.6; SP500 Rebounds From Session Lows

Today, traders also had a chance to take a look at the final reading of S&P Global Services PMI index. The report indicated that S&P Global Services PMI decreased from 54.4 in March to 50.8 in April, compared to analyst forecast of 51.4.

The weaker-than-expected Services PMI report put pressure on S&P Global Composite PMI, which declined from 53.5 to 50.6. Analysts expected that S&P Global Composite PMI would decrease to 51.2, so the report missed estimates.

U.S. Dollar Index moved away from session lows as traders reacted to the better-than-expected ISM Services PMI report. Currently, U.S. Dollar Index is trying to settle above the 99.60 level.

Gold settled near session highs after the release of the PMI reports. From the technical point of view, gold is stuck in a tight $3310 – $3320 range.

SP500  made an attempt to settle back above the 5650 level as traders focused on the encouraging ISM Services PMI data.

For a look at all of today’s economic events, check out our economic calendar.