U.S. Services PMI Hits 54.0 in June, Matching Expectations; S&P Reading at 51.2

According to the ISM, the U.S. services sector purchasing managers' index reached 54.0 in June, matching market expectations but marking a 0.5-point decline from May's 54.5. The reading indicates continued expansion, with the services sector maintaining growth for 24 consecutive months.

Meanwhile, the S&P Global services PMI came in at 51.2 for June, slightly below the consensus forecast of 51.4. The U.S. economy expanded at an annualized rate of only 1.2% during the second quarter, suggesting moderating growth momentum, according to S&P Global Market Intelligence's chief economist.