U.S. June S&P Global Composite PMI Exceeds Expectations, Reaches Over Two-Year High; Manufacturing Expands Again, Inflation Pressure Eases

The preliminary June PMI data surpassed expectations across the board, with service sector activity slightly rebounding to the fastest growth in over two years, indicating resilience in overall business activity as Q2 draws to a close. With easing price pressures and lower borrowing costs on the horizon, the outlook has improved.

Following the data release, U.S. stock indices S&P and Nasdaq hit daily lows, the Dow turned negative, U.S. Treasury prices turned lower, gold's decline accelerated, and the dollar index sped up its rise.