Economic activity in the services sector during November fell from the month prior, with the Institute of Supply Management's (ISM) Services Purchasing Managers Index (PMI) coming in at 52.1, down from the 56 recorded in October.

Despite the month-over-month decline, the data showed services activity expanded for the fifth consecutive month and for the 51st time in 54 months since June 2020, when the pandemic drove a recession.

ISM's Services Business Survey Committee chair, Steve Miller, said in the release that the data "reinforces the view over the last several months that the services sector has returned to sustained growth. Generally, respondents' comments were neutral to positive, and both positive and negative impacts were attributed to seasonality. Not surprisingly, election ramifications and tariffs were mentioned often, with cautionary outlooks related to the potential impact on respondents' specific industries."

US stocks (^DJI,^GSPC, ^IXIC) and Treasury yields (^FVX, ^TNX, ^TYX) rose following the data release. Seana Smith and Madison Mills take a closer look at the data and how markets are reacting on Catalysts.

To watch more expert insights and analysis on the latest market action, check out more Catalysts here.

This post was written by Naomi Buchanan.