New PMI data shows manufacturing strength while services lag, markets eye signs the economy may be holding up better than feared. Another TACO is coming.
MACRO DATA JUST DROPPED • Manufacturing PMI 52.4 vs. Est. 51.3 • Services PMI 51.1 vs. Est. 51.5 • Composite PMI: 51.4 This should ease the recession fears that started creeping into the market last week and suggests the bear case may have gotten ahead of itself. S&P PMI: "The PMI data are indicative of …