The eighth straight month of expansion in the U.S. services sector is giving way to another round of worry about lingering inflation in financial markets.
After a tug of war in the data this week, the evidence is now showing “more economic resilience than what economists and market participants were expecting, and probably points to a higher-for-longer environment” in interest rates, said John Luke Tyner, a portfolio manager at Alabama-based Aptus Capital Advisors, which manages roughly $4.25 billion.
All three major U.S. stock indexes DJIA SPX COMP were down as of Wednesday afternoon trading in New York and on pace to extend losses seen on Tuesday, when weak data from China and Europe plus a drop in July U.S. factory orders curtailed risk appetite. For the year, however, Dow industrials, the S&P 500 and the Nasdaq Composite are still higher by 3.7%, 15.9%, and 32.1%, respectively.
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