Macro Beat: US Manufacturing PMI Hits 3-Year High
The S&P Global US Manufacturing PMI rose to 56.0 in October, its highest since May 2022, beating expectations, with job growth the strongest since March — a potentially bullish macro signal ahead of a major earnings week.
What we know
An account on X reports the October PMI beat of +0.1 (vs expected -0.4 decline), reaching 56.0. This comes ahead of a pivotal Wednesday: the Fed decision at 2 PM ET followed by $MSFT and $GOOGL earnings. Tom Lee at Fundstrat sees a positive inflection point in AI hyperscaler credit spreads, which are near 2022 bear-market lows — potentially a contrarian buy signal. Another account on X notes semiconductors are at a potential technical bounce point heading into the earnings gauntlet.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.