April witnessed a notable downturn in the sentiment of US businesses, according to data from S&P Global. The Purchasing Managers' Index, a key indicator, fell by 1.2 points to 50.9, as reported by S&P on Tuesday in its initial estimate. Analysts, who had anticipated only a slight decline to 52.0 points on average, were taken aback by the extent of the decrease. Both the services sector and industrial companies experienced an unexpected dip in sentiment.

While the overall economic indicator remains above the expansion threshold of 50 points, the index for services remains in expansion territory, while the industrial sector's index now falls below 50 points. Values above this mark signify growth in the world's largest economy.