Better than expected results from the Service ISM and Factory Orders slowed a strong start, but only momentarily, then the market took off again.
ISM was powered by New Orders 59.9, +4.3 points.
Service ISM Prices 72.3, -7.8 points, is the lowest since February 2021, and the swoon from 80 is the biggest monthly decline since May 2017. It joins the big price decline in Manufacturing ISM, and it seems to underscore the impact of higher prices and a swoon in commodities costs.
Factory Orders were +2.0%, the street was looking for 1.1%.
The number was lower excluding transportation.
In addition to these better-than-expected results, members of the Fed are at it again. But today, the market is saying I’m rubber you’re glue.
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