Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.4%) now trade higher across the board as strength in the broader market has widened to now include nine S&P 500 sectors.

The ISM Services PMI hit 54.0% in March (Briefing.com consensus 54.9%), down from 56.1% in February. The dividing line between expansion and contraction is 50.0%, so the March reading reflects services sector activity growing at a slower pace than the prior month, when activity expanded at a pace not seen since July 2022.

The key takeaway from the report is that the services sector remained in expansion, but the Employment Index returned to contraction while the Prices Index saw its biggest one-month increase in over 13 years. This combination will present a headwind to growth, especially if it persists in the coming months.