CNBC Television
S&P global U.S. services PMI comes in at 54.8 vs. 55.2 estimated
11/5/2025, 3:43:31 PM
Economic Summary
- S&P Global's final October services PMI was 54.8 (replacing 55.2) and the composite was 54.6 (replacing 54.8); both prints were below expectations and the mid-month reads but still indicate expansion and are sequentially higher than the prior month (S&P Global / SPGI).
- Market yields are rising — the 10-year reached about 4.12, taking out yesterday's 4.11 high; a close above 4.11 would mark a fresh one-month high, which can tighten financial conditions and pressure risk assets. ISM services PMI and fresh October reads are imminent and could move markets further.
Bullish
- PMIs remain above 50, signaling ongoing services-sector expansion.
- PMI readings are sequentially higher than the prior month, supporting growth momentum.
Bearish
- S&P Global final PMIs came in below expectations and below the mid-month read.
- Rising 10-year yield hitting fresh one-month highs pressures markets and rates-sensitive assets.
Bullish tickers
SPGI
Bearish tickers
SPGI
SPGI
Bullish
Despite misses, PMIs remain above 50 and are sequentially higher, implying continued services-sector expansion supporting S&P Global's data relevance.
Bearish
S&P Global's final PMI prints missed expectations and were lower than the mid-month reads, suggesting softer data could weigh on sentiment.
People mentioned
Rick SantelliCarl