U.S. Service Sector Expands, Stocks Drop on Inflation Fears

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The Institute for Supply Management released its latest report earlier today, which showed that the December Purchasing Managers' Index for the private service sector was 54.1 in December, up from 52.1 in November. Notably, it was way above the consensus forecast of 53.5.U.S. equities experienced a sharp drop following the release of this data due to inflation concerns.

"The index is pretty volatile and often swings up and down without this ever showing up in the inflation numbers. We had a similar scare last January that ended up being a big fat nothing," he said in a post on the X social media network. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.

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