On September 5, 2024, the Institute for Supply Management (ISM) released its August Purchasing Managers' Index (PMI) report for the services sector. The data showed that the ISM Services PMI rose to 51.5 in August from 51.4 in July, above market expectations of 51.1.

Among the specific sub-indicators, the business activity index declined to 53.3 from 54.5 in July, but the new orders index rebounded to 53.0 from 52.4.ISM noted that the increase in the services PMI was largely attributable to the performance of the key indices of business activity, new orders, employment, and suppliers' deliveries, which were all close to or above the 50 percent expansion threshold.

On the same day, the market also focused on the release of S&P Global's final services PMI data for August. The report showed that the S&P Global services PMI rose to 55.7 from 55.0 in July, beating market expectations of 55.2. The composite PMI also rose to 54.6 from 54.3, after the market had expected it to slip to 54.1. Typically, PMI data above 50 indicates economic expansion.

In the services PMI better-than-expected boost, the dollar index rose to 101.25 near, showing the market's confidence in the U.S. service sector conditions increased. Meanwhile, gold prices retreated to around $2,510, influenced by the dollar's rebound.

The S&P 500 Index retreated from the day's high and attempted to fall below the 5,525 mark, reflecting some market correction after the release of favorable data.