Daily digest market movers: DXY declines following weak April S&P PMIs, hawkish bets on Fed
- The S&P Global Composite Purchasing Managers Index (PMI) fell to 50.9 in April's flash estimate, indicating slower private sector growth in the US from March's 52.1.
- The S&P Global Manufacturing PMI demonstrated a more noticeable drop from March's 51.9 to 49.9 in April, suggesting a contraction in US manufacturing sector activity.
- Similarly, April's S&P Global Services PMI decreased from 51.7 to 50.9.
- Following the consistent hawkish stance from the Federal Reserve (Fed) on US monetary policy, the first rate cut was pushed to September, but it isn't fully priced in.
- US Treasury bond yields are dwindling with the 2-year yield at 4.93%, 5-year yield at 4.61%, and 10-year yield at 4.58%.
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