Friday's Markets Update (April 21, 2023)

22 Apr 2023 by rate3

On Friday, the PMI Composite Output Index rose, indicating a revival of business activity in April, with the service sector displaying the best performance. It was added by positive corporate reports and surging stocks, such as Procter & Gamble, which increased by 3.46 percent, and SAP, which added 5.24 percent. However, with the FOMC meeting looming in two weeks, traders had a mixed reaction, resulting in NASDAQ (o:12046, c:12072) ranging between an highest price of 12097 and a lowest one of 11986, while BTC (o:28218, c:27279) subsided by 3.3 percent during the daily session.

The April reading of the S&P Global Flash US PMI Composite Output Index posted 53.5, surpassing March's figure of 52.3. This indicates a notable acceleration in business activity, marking the most rapid increase since May 2022. The upswing in output marks the third consecutive increase in as many months. Notably, the swifter rise in activity was all-encompassing, with service sector companies displaying the steepest growth rate. In April, new orders at US firms also experienced a significant upturn, with the sharpest increase recorded in the past 11 months.