ISM Services PMI Drops To 52.1; NASDAQ Index Tests Historic Highs

On December 4, 2024, the Institute for Supply Management released ISM Services PMI report for November. The report indicated that ISM Services PMI declined from 56 in October to 52.1 in November, compared to analyst consensus of 55.5.

The Institute for Supply Management commented: “The decrease in the Services PMI in November was driven by decreases in each of the four directly impacting subindexes (Business Activity, New Orders, Employment and Supplier Deliveries).”

Today, traders also had a chance to take a look at the final reading of S&P Global Services PMI report for November. The report showed that S&P Global Services PMI improved from 55 in October to 56.1 in November, compared to analyst forecast of 57.

Factory Orders increased by 0.2% month-over-month in October, in line with analyst consensus. The previous reading was revised from -0.5% to -0.2%.

U.S. Dollar Index pulled back as traders reacted to the weaker-than-expected ISM Services PMI report. Currently, U.S. Dollar Index is trying to settle below the 106.30 level.

Gold  continued its attempts to settle above the $2650 level as traders focused on U.S. dollar’s pullback.

NASDAQ  made an attempt to settle above the 21,400 level after the release of ISM Services PMI report. Traders bet on a less hawkish Fed, which is bullish for NASDAQ.

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