S&P 500 and Nasdaq 100 rally on positive market sentiment following better-than-expected ISM PMI. Strong U.S. service sector data suggests the economy is not about to fall off the cliff. A better gauge of strength will be NFPs on Friday.
After a subdued performance earlier this week, U.S. stocks surged on Wednesday on upbeat investor sentiment after key data showed the U.S. economy remains resilient and inflationary pressures are turning the corner. When it was all said and done, the S&P 500 rallied 1.
. The Nasdaq 100, for its part, jumped 2.73% to 13,253, closing at its best level since May 5 and coming a whisker away from exiting bear market territory, bolstered by a solid rally in Amazon, Meta Platforms and Apple shares.non-manufacturing activity unexpectedly rebounded in July, expanding at the fastest pace in three months, easing fears that the country is headed for a recession. On the inflation front, the ISM survey's prices paid index eased to 72.3 from 80.1 in June, a sign that the cost burden on service providers is not growing as rapidly as earlier in the year. If this trend is sustained, CPI readings could begin to roll over quickly this fall, paving the way for the Fed to embrace a less hawkish policy stance before the end of 2022.
Elsewhere, San Francisco Fed President Mary Daly's comments indicating that it would be reasonable for the U.S. central bank to raise interest rates by half a percentage point rather than 75 basis points at the September
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