US stocks rise slightly after Fed speeches, inflation in focus

S&P Global's preliminary US purchasing managers' index (PMI) was 54.4 in September, down from 54.6 in August. Economists had expected the index, which tracks activity in the services and manufacturing sectors, to decline slightly.

The services section of the S&P report showed the index reached 55.4 this month, down from 55.7 in August. Meanwhile, manufacturing activity continued to stagnate, falling to 47 from 47.9 the previous month, hitting a 15-month low.

Any value of these indices above 50 represents an expansion of the sector; values ​​below 50 indicate a contraction.

“Early survey indicators for September point to an economy that continues to grow solidly, albeit with a weakened manufacturing sector and increasing policy uncertainty creating significant headwinds,” wrote Chris Williamson, chief economist at S&P Global Market Intelligence, in the press release.

The survey's future production index, which measures optimism about production in the coming year, hit its lowest level since October 2022.

“The uncertainty surrounding the presidential election is dampening business sentiment, demand, hiring and investment, casting a shadow over many companies' outlook for the coming year,” Williamson wrote.