tl;dr
The US Services Index from the Institute for Supply Management (ISM) rose to 51.4% in July, marking the sector's expansion for the 47th time in 50 months. This suggests a moderate rebound in US services activity, supported by positive moves in services employment and inventory. Additionally, the S&P...
The US Services Index from the Institute for Supply Management (ISM) rose to 51.4% in July, marking the sector's expansion for the 47th time in 50 months. This suggests a moderate rebound in US services activity, supported by positive moves in services employment and inventory. Additionally, the S&P Global Services Purchasing Managers' Index (PMI) fell below expectations in July, with service providers seeing an increase in employment levels. However, concerns about the US economy heading towards recession triggered a stock market crash. Japan's Nikkei also experienced a significant decline, leading to heightened concerns in the market and substantial liquidation in the crypto market, with over $1 billion exiting within 24 hours. This resulted in a significant plunge in the market valuation of cryptocurrencies, including Bitcoin and Ethereum. A recent uptick on a couple of market metrics has brought renewed hope to the US recession discuss especially after an earlier plunge in the stock market. Precisely, the US Services Index from the Institute for Supply Management (ISM) rose to 51.4% for the month of July. This marked the sector’s expansion for the 47th time in 50 months. US RECESSION FEARS ABATED PER SERVICE ISM AND PMI READINGS The value of the ISM went above expectations of 51.0, in addition to positive moves in services employment and inventory. This result from July suggest a moderate rebound in the United States services activity last month. It is supported by a recovery in new orders from 47.3 to 52.5, increased business activity from 49.6 to 54.5 as well as a jump in order backlogs from 44 to 50.6. advertisement Also, the S&P Global Services Purchasing Managers’ Index (PMI) came below July expectations last week. Service providers saw their employment levels move from 46.1 to 51.1, for the second time this year. This overshadows the weak jobs data released on Friday that ended up triggering concerns about the US economy heading towards recession. Unfortunately, this fear of recession saw the stock market crash earlier in the day. The potential outlook of the economy has forced several investors to jump on a selling spree. Fort Washington Investment Advisors co-chief investment officer Chris Shipley shared his thoughts on the market outlook. In Shipley’s opinion, the current downturn should not cause investor panic, citing that the market had “a certain vulnerability” due to expectations of economic growth and lower inflation. CRYPTO LIQUIDATION HIT $1B IN 24 HOURS Similarly, Japan’s Nikkei crashed another 13% in the early trading hours on Monday. It is triggered more concern in the market and in no time, the crypto market began to bleed too. Crypto liquidation reach one of its highest levels in a long time. Noteworthy, more than $1 billion exited the crypto market within the 24 hours. To break it down, $900 million of the liquidation is in long liquidations while $106 is in short liquidations. The market valuation of most of the cryptocurrencies including Bitcoin price and that of Ethereum plunged significantly. Analysts came to the conclusion that Bitcoin is seeing its worst sell-off for the first time since Bahamian headquartered FTX imploded in 2022. Read More: Polygon Price Analysis: Sharp 16% Drop in 24 Hours, What’s Behind the Decline?
More about Rush Street Interactive Inc
Rush Street Interactive Inc
Rush Street Interactive, Inc. is an online casino and sports betting company in the United States and Latin America. The company is headquartered in Chicago, Illinois.
Industry: TRADE & SERVICES
Sector: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION
Market Cap: 2314624000
Dividend Yield: None
EPS: -0.09
P/E Ratio: 10.78
ROE: -0.0084
Volume: 801545000
Stock Price: 12.66
52-Week Change: 0
52-Week High: 0.888