US Market Selloff Amid Strong PMI & Inflation Signals
US equities opened sharply lower with $500B wiped from stocks, S&P and Nasdaq at 5-week lows, even as PMI data showed a 53-month manufacturing high and UMich sentiment beat estimates — but accelerating inflation expectations tempered the mood.
What we know
The S&P 500 fell 0.52% and Nasdaq 0.43% at the open, with an account on X flagging a 5-week low. The backdrop was paradoxically strong data: Manufacturing PMI hit 56.0 (a 53-month high), Services at 57.9, Composite at 57.6 — — but output prices surged. UMich sentiment beat at 48.0 vs 46.3 est but 1-year inflation expectations stayed elevated at 4.7%. Another account on X noted Jefferies clients were net sellers of tech on 7 of the last 10 days. Several accounts on X in crypto trading both noted markets look heavy heading into the weekend, with lockstep crypto/equities correlation.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.