“ISM Services PMI has also exceeded analyst expectations, serving as an additional bearish catalyst for stocks.”, — write: www.fxempire.com
New Orders index increased from 53.7 in November to 54.2 in December, while Business Activity index improved from 53.7 to 58.2.
The Institute for Supply Management commented: “Many industries noted that end-of-year and seasonal factors were helping drive business activity or impact inventory management.”
U.S. Dollar Index gained ground as traders reacted to better-than-expected reports. Currently, U.S. Dollar Index is trying to settle above the 108.50 level.
Gold pulled back from session highs as traders focused on U.S. dollar’s rebound. Treasury yields moved higher, putting additional pressure on gold markets.
SP500 found itself under pressure after the release of the reports as traders bet on hawkish Fed. Currently, SP500 is trying to settle below the 5960 level.