{"id":52678,"date":"2025-09-04T10:15:58","date_gmt":"2025-09-04T14:15:58","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91\/52678\/"},"modified":"2025-09-04T10:15:58","modified_gmt":"2025-09-04T14:15:58","slug":"u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91\/52678\/","title":{"rendered":"U.S. Services Sector Surges as DOJ Probes Fed Governor Cook; Armani Dies at 91"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91\/52678\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91\/52678\/#US_Services_Sector_Shows_Unexpected_Strength\" >U.S. Services Sector Shows Unexpected Strength<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91\/52678\/#DOJ_Launches_Criminal_Probe_into_Fed_Governor_Lisa_Cook\" >DOJ Launches Criminal Probe into Fed Governor Lisa Cook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91\/52678\/#Analyst_Upgrades_for_Alphabet_and_HPE\" >Analyst Upgrades for Alphabet and HPE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91\/52678\/#Geopolitical_Engagements_and_Market_Open\" >Geopolitical Engagements and Market Open<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-services-sector-surges-as-doj-probes-fed-governor-cook-armani-dies-at-91\/52678\/#Fashion_World_Mourns_Giorgio_Armani\" >Fashion World Mourns Giorgio Armani<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The <strong>U.S. ISM Services Index<\/strong> for August unexpectedly climbed to <strong>52.0<\/strong>, significantly surpassing forecasts and indicating a stronger-than-anticipated expansion in the services sector, primarily driven by a sharp increase in <strong>New Orders<\/strong>.<\/li>\n<li>The <strong>Justice Department<\/strong> has reportedly launched a <strong>criminal investigation<\/strong> into Federal Reserve Governor <strong>Lisa Cook<\/strong>, with subpoenas issued as part of an inquiry into alleged fraudulent information on mortgage applications.<\/li>\n<li>Despite the robust ISM data, the <strong>S&amp;P Global Services PMI<\/strong> for August came in at <strong>54.5<\/strong>, slightly below estimates, though still reflecting ongoing growth in the U.S. services industry.<\/li>\n<li><strong>UBS<\/strong> has revised its price targets for key technology firms, raising <strong>Alphabet Inc. (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>)<\/strong> to <strong>$202<\/strong> from <strong>$192<\/strong> and <strong>Hewlett Packard Enterprise (<a href=\"\/stock\/HPE\">HPE<\/a>)<\/strong> to <strong>$23<\/strong> from <strong>$18<\/strong>.<\/li>\n<li>Italian fashion legend <strong>Giorgio Armani<\/strong> has passed away at the age of <strong>91<\/strong>, confirmed by his company, marking the end of a transformative era in global fashion.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"US_Services_Sector_Shows_Unexpected_Strength\"><\/span>U.S. Services Sector Shows Unexpected Strength<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The U.S. services sector demonstrated surprising resilience in August, with the <strong>ISM Services Index<\/strong> rising to <strong>52.0<\/strong>, exceeding economist expectations of <strong>51.0<\/strong> and July&#39;s <strong>50.1<\/strong>. This robust performance suggests a healthy expansion in the non-manufacturing segment of the economy. A significant driver of this growth was a sharp increase in <strong>New Orders<\/strong>, which jumped to <strong>56.0<\/strong> from <strong>50.3<\/strong> in July, indicating strengthening demand.<\/p>\n<p>However, the <strong>Prices Paid<\/strong> component, while still elevated at <strong>69.2<\/strong>, saw a slight decrease from the previous month&#39;s <strong>69.9<\/strong>, offering a glimmer of hope for easing inflationary pressures. Conversely, the <strong>Employment Index<\/strong> remained in contraction territory at <strong>46.5<\/strong>, slightly below the estimated <strong>46.7<\/strong>, suggesting continued challenges in the labor market within the services sector.<\/p>\n<p>Separately, the <strong>S&amp;P Global Services PMI Final<\/strong> for August was reported at <strong>54.5<\/strong>, a marginal dip from July&#39;s <strong>55.4<\/strong> and below the flash estimate of <strong>55.4<\/strong>. Despite missing expectations, this figure still represents a solid expansion in service sector activity, with new business volumes showing a marked uptick.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DOJ_Launches_Criminal_Probe_into_Fed_Governor_Lisa_Cook\"><\/span>DOJ Launches Criminal Probe into Fed Governor Lisa Cook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In a significant development, the <strong>U.S. Justice Department<\/strong> has initiated a <strong>criminal investigation<\/strong> into Federal Reserve Governor <strong>Lisa Cook<\/strong>. The inquiry, which has involved the issuance of subpoenas, centers on allegations that Cook may have submitted fraudulent information on mortgage applications. Reports indicate that the initial scrutiny is focused on properties owned by Cook in Ann Arbor, Michigan, and Atlanta. This investigation comes amidst a broader legal dispute, as Cook recently sued former President Donald <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> over his attempt to remove her from the Fed&#39;s board.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_Upgrades_for_Alphabet_and_HPE\"><\/span>Analyst Upgrades for Alphabet and HPE<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investment bank <strong>UBS<\/strong> has adjusted its outlook for several major technology companies. The firm raised its price target for <strong>Alphabet Inc. (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>)<\/strong> to <strong>$202<\/strong> from <strong>$192<\/strong>, following strong earnings reports and robust growth in its Search, YouTube, and Cloud segments. Analysts at UBS noted the company&#39;s &quot;cleanest print&quot; in some time, with Search growth exceeding expectations.<\/p>\n<p>Similarly, <strong>Hewlett Packard Enterprise (<a href=\"\/stock\/HPE\">HPE<\/a>)<\/strong> saw its price target increased by UBS to <strong>$23<\/strong> from <strong>$18<\/strong>. This upgrade reflects growing analyst confidence in HPE&#39;s market performance, despite ongoing regulatory reviews concerning its Juniper transaction.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Geopolitical_Engagements_and_Market_Open\"><\/span>Geopolitical Engagements and Market Open<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Chinese President <strong>Xi Jinping<\/strong> held talks with North Korean leader <strong>Kim Jong Un<\/strong> in Beijing, marking Kim&#39;s first visit to China in six years. The meeting, which occurred a day after both leaders, alongside Russian President Vladimir Putin, attended a military parade commemorating the end of World War II, focused on strengthening strategic communication and cooperation.<\/p>\n<p>In other market news, U.S. equities opened mixed. The <strong><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a><\/strong> was up <strong>0.09 percent<\/strong> at <strong>6,453.77<\/strong>, while the <strong><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average<\/strong> saw a slight dip of <strong>0.08 percent<\/strong> to <strong>45,233.45<\/strong>. [Headline] The <strong>NASDAQ<\/strong> edged higher by <strong>0.13 percent<\/strong>, reaching <strong>21,524.96<\/strong> after the market open. [Headline]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fashion_World_Mourns_Giorgio_Armani\"><\/span>Fashion World Mourns Giorgio Armani<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The global fashion industry is mourning the loss of iconic Italian designer <strong>Giorgio Armani<\/strong>, who passed away at the age of <strong>91<\/strong>. His company, the Armani Group, confirmed his death, noting he was the &quot;creator, founder, and tireless driving force&quot; behind the brand synonymous with modern Italian style and elegance. Armani was known for revolutionizing fashion with his unstructured looks and building a multibillion-dollar empire.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The U.S. ISM Services Index for August unexpectedly climbed to 52.0, significantly surpassing forecasts and indicating a stronger-than-anticipated 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