ISM Services PMI Drops To 50.8; SP500 Tests Session Lows

On April 3, 2025, the Institute for Supply Management released ISM Services PMI report for March. The report indicated that ISM Services PMI declined from 53.5 in February to 50.8 in March, compared to analyst consensus of 53. Numbers above 50 show expansion.

The report indicated that survey respondents talked about cost increases due to tariffs.

Today, traders also had a chance to take a look at the final reading of S&P Global Services PMI report for March. The report showed that S&P Global Services PMI increased from 51 to 54.4, compared to analyst forecast of 54.3. Composite PMI improved from 51.6 to 53.5, in line with analyst estimates.

U.S. Dollar Index remained under strong pressure as traders reacted to PMI data. Currently, U.S. Dollar Index is trying to settle below the 101.50 level. It remains to be seen whether PMI reports will have a material impact on forex market dynamics as traders are focused on tariffs.

Gold rebounded from session lows and moved above the $3100 level as demand for safe-haven assets increased.

SP500 tested session lows after the release of the reports. The index is trying to settle below the 5450 level as traders bet that tariffs may put the economy under strong pressure.

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