Dow gains 100 points as ISM services PMI falls to 54.9
- Dow Jones Industrial Average gained 100 points to 51,277.22, up 0.20%
- ISM services PMI fell to 54.9 in September, missing estimates of 55
- Materials sector led gains with a 1.2% rise, while real estate dipped 0.1%
- Columbus Acquisition Corp shares surged 286% following SPAC merger completion
- S&P Global services PMI rose to 58.8, diverging from the ISM decline
*this image is generated using AI for illustrative purposes only.
US stocks traded higher on Monday, with the Dow Jones Industrial Average gaining around 100 points to close at 51,277.22. The index rose 0.20%, while the NASDAQ jumped 0.84% to 27,418.49 and the S&P 500 climbed 0.62% to 7,770.45.
The rally occurred despite a decline in the Institute for Supply Management (ISM) services Purchasing Managers' Index (PMI), which fell to 54.9 in September from 55.4 in August. This figure missed market estimates of 55, signaling a slight contraction in momentum within the service sector.
Sector performance and market movers
Materials shares led the gains, jumping 1.2%. In contrast, real estate stocks lagged, falling 0.1%. Individual equities drove significant volatility across the market.
Top gainers
- Columbus Acquisition Corp (NASDAQ: SAIQ): Shares surged 286% to $7.14 following the completion of its business combination with WISeSat.Space, a subsidiary of WISeQey Corp., announced for October 1, 2026.
- HeartBeam Inc (NASDAQ: BEAT): Stock rose 70% to $0.7370 after receiving FDA breakthrough device designation for heart attack assessment.
- Vaxcyte Inc (NASDAQ: PCVX): Shares jumped 40% to $79.00 after positive topline results from the Phase 3 OPUS-1 trial for its investigational pneumococcal conjugate vaccine.
Top decliners
- Flux Power Holdings Inc (NASDAQ: FLUX): Fell 23% to $0.4899 after rejecting an acquisition proposal from Solidion Technology Inc.
- CH Robinson Worldwide Inc (NASDAQ: CHRW): Dropped 11% to $140.19 following the announcement of its acquisition of RXO.
- Camping World Holdings Inc (NYSE: CWH): Slipped 10% to $4.52 as the company projected FY26 adjusted EBITDA below the low end of its guidance range of $230 million-$270 million.
Global market and commodity updates
European markets were mixed, with the STOXX 600 gaining 0.2% and Spain's IBEX 35 rising 0.7%. France's CAC 40 fell 1.1%, while the FTSE 100 and DAX edged up by 0.1% each. Asian markets closed higher, led by Japan's Nikkei 225 surging 2.40%.
In commodities, oil traded down 1% to $90.17, while gold rose 0.1% to $4,164.60. Silver gained 1.8% to $61.515 and copper rose 1% to $6.6130.
What the numbers show
A divergence appears between private sector surveys and official ISM data. The S&P Global services PMI climbed to 58.8 in September from 56.5 in August, revising higher from the flash reading of 58.7. Simultaneously, the S&P Global composite PMI surged to 58.4 from 56 in August. While the ISM services PMI contracted slightly to 54.9, the S&P Global metrics indicate stronger expansionary momentum, suggesting differing methodologies or sample sets are capturing distinct aspects of economic activity.
How will the divergence between ISM and S&P Global PMI data influence Federal Reserve interest rate expectations in the coming weeks?
What are the potential regulatory hurdles and integration risks facing CH Robinson following its acquisition of RXO?
Can the strong performance of materials and tech sectors sustain momentum if service sector expansion continues to decelerate?
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