Composite PMI Rises To 54.6; SP500 Tests Session Highs

On July 24, 2025, S&P Global released flash readings of PMI reports for July. Manufacturing PMI decreased from 52 in June to 49.5 in July, compared to anlayst forecast of 52.6. Numbers below 50 show contraction.

Services PMI improved from 52.9 in June to 55.2 in July, compared to analyst forecast of 53.0. The strong performance of the services sector provided material support to Composite PMI, which increased from 52.9 to 54.6. Analysts expected that Composite PMI would remain unchanged at 52.9.

S&P Global commented: “Growth was worryingly uneven and overly reliant on the services economy as manufacturing business conditions deteriorated for the first time this year, the latter linked to a fading boost from tariff front-running.”

U.S. Dollar Index continued to move away from session highs as traders reacted to the better-than-expected Composite PMI report. Currently, U.S. Dollar Index is trying to settle below the 97.30 level.

Gold rebounded from session lows as traders focused on PMI data. Gold is trying to settle back above the $3370 level, and it looks that some traders have started to buy the dip.

SP500  made an attempt to settle above the 6380 level as traders reacted to the strong report. The weakness of the manufacturing sector did not put any pressure on stocks as traders focused on the strong performance of the services sector.

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