U.S. equity markets opened with mixed performance on Thursday morning as global purchasing managers’ index (PMI) data painted a fragmented picture of economic momentum, particularly between services and manufacturing sectors across Europe and Asia. The dissonance in global growth trends appears to be weighing on investor sentiment in early trading.

At the opening bell, the Dow Jones Industrial Average fell 106.72 points, or 0.25%, to 41,753.70. The S&P 500 declined by 6.54 points, or 0.11%, to 5,838.07. Meanwhile, the Nasdaq Composite bucked the trend, rising 16.91 points, or 0.09%, to 18,889.60.

The early morning action comes on the heels of global flash PMI releases for May, which showed manufacturing sectors stabilizing while services activity—a key post-pandemic growth engine—continues to lose steam in many developed economies.

In Europe, the flash Composite PMI for the Eurozone dropped to 49.5, marking a return to contraction and the weakest reading in five months. The sharpest deterioration came from the services sector, with the index falling to 48.9, a 16-month low and well below expectations. Manufacturing, in contrast, surprised to the upside, climbing to 49.4 from 49.0.

Germany, Europe’s largest economy, mirrored this divergence. The country's services PMI fell to a 30-month low of 47.2, dragging the Composite PMI down to 48.6. However, German manufacturing improved to 48.8, bolstered by stronger export orders—the highest level in nearly three years.

Across the channel, the U.K. also saw services momentum fade. The Services PMI declined to 52.9 from 55.0 amid weaker consumer-facing demand and pre-election uncertainty. However, its Manufacturing PMI climbed sharply to 51.3, entering expansion territory for the first time in over a year.

Asia offered a split picture. Japan’s Composite PMI slid back into contraction at 49.8, with services and manufacturing both weakening. Notably, the Manufacturing Output Index fell to 48.0, reflecting a faster decline in production. Meanwhile, India stood out with robust strength—its Composite PMI surged to 61.2, driven by resilient expansions in both services and manufacturing, and record-high employment growth.

While the United States has yet to release its own PMI data, the market's early reaction suggests investors are beginning to question whether American resilience can continue in the face of mounting global uncertainty.

For now, U.S. equity investors appear to be parsing through the implications. The tech-heavy Nasdaq’s modest gain suggests some optimism remains around growth-oriented sectors, while the declines in the Dow and S&P 500 reflect broader caution. Investors will be closely watching upcoming U.S. economic indicators, including domestic PMI data, to assess whether the American economy will align more closely with Europe’s slowdown or continue to chart its own path.