US markets faced a downturn on Friday as stock prices fell significantly, led by the S&P 500 and Nasdaq 100's declines. The drop followed a week of muted trading and was fueled by disappointing economic data, particularly a contraction in the S&P Global services PMI, which fell to its lowest level in over two years. Concerns about government policies and polarized consumer sentiment contributed to this negative sentiment, although future economic indicators may provide a clearer picture of market trends.
Stocks took a lurch lower, just as most in London were mulling whether it was time to head to the pub, in a sell-off that then took hold.
The 'flash' reading of S&P Global's services PMI pointed to the sector having unexpectedly contracted on the month, as the index slumped to 49.7, its lowest level in more than 2 years.
The day also brought revisions to the UMich consumer sentiment print, which fell to 64.7, from a preliminary estimate of 67.8. The indicator has become far too politically polarised.
Yes, Friday's US economic data was softer than expected, though plenty of caveats must apply.
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