The S&P Global Composite PMI final reading for February came in at 51.9, slightly below the preliminary estimate of 52.3 and the previous month's 53.0. The services PMI also edged lower to 51.7 from 52.3. Five of seven U.S. sectors expanded, with healthcare leading growth, while consumer services contracted due to heavy snowfall disrupting travel and leisure. The output index rose to 54.5, signaling stronger business activity. However, consumer goods and financials saw growth slowdowns, and basic materials continued a decline since late 2025. This data suggests a mixed economic outlook for the U.S., with expansion persisting but at a slower pace. The contraction in consumer services and weather-related disruptions could weigh on near-term growth. Traders will assess whether the Federal Reserve might delay rate cuts, as the data contrasts with recent inflation concerns. The healthcare sector's strong performance and industrial resilience offer some optimism. For markets, the report highlights sectoral divergences. Gulf investors should monitor U.S. equity sector rotations, particularly healthcare and industrials, which outperformed. The Fed's policy response to mixed data will be critical. Key watchpoints include upcoming employment data and central bank meetings.
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