On September 23, S&P Global released its Purchasing Managers' Index (PMI) report for September. The manufacturing PMI fell from 47.9 in August to 47.0 in September, far below analysts' expectations of 48.5, and generally speaking, an index below 50 indicates that the manufacturing industry is in a state of contraction.

The report pointed out that the biggest negative factor in the decline in the manufacturing PMI was new orders, which fell at the fastest rate since December 2022. The service industry PMI fell from 55.7 to 55.4, basically in line with analysts' expectations of 55.3. The composite PMI fell from 54.6 to 54.4, higher than analysts' expectations of 54.3. The service industry continued to grow at a steady pace, while the manufacturing industry remained under pressure. The strong performance of the service industry provided substantial support for the composite PMI, exceeding analysts' expectations.

S&P Global commented: "Preliminary survey indicators for September suggest that the economy is still growing steadily despite weakness in the manufacturing sector and increased political uncertainty."

The US dollar index has risen due to the better-than-expected composite PMI report and is currently trying to stabilize above 100.90. Gold prices tested all-time highs above $2,630, and gold traders remain optimistic and ignore the rebound in the US dollar.

The S&P 500 index remained around the 5,725 level after the release of the PMI report. It remains to be seen whether the strong PMI data can provide substantial support to the S&P 500 in today's trading.