What Happened?
A number of stocks jumped in the afternoon session after the ISM Services PMI Report showed the business services sector continued to expand in June.
The Institute for Supply Management (ISM) reported that its Services PMI® registered 54 percent. While this is a slight decrease of 0.5 percentage point from May's reading of 54.5 percent, it marks the 24th consecutive month of growth for the sector. A PMI reading above 50 percent indicates that the services sector economy is generally expanding. The sustained period of expansion suggests a resilient economic backdrop for service-oriented companies, signaling healthy business activity and demand.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Digital Media & Content Platforms company Getty Images (NYSE: GETY) jumped 3.6%. Is now the time to buy Getty Images? Access our full analysis report here, it’s free.
- Government & Technical Consulting company SAIC (NASDAQ: SAIC) jumped 2.9%. Is now the time to buy SAIC? Access our full analysis report here, it’s free.
- Specialized Technology company Cognex (NASDAQ: CGNX) jumped 3.5%. Is now the time to buy Cognex? Access our full analysis report here, it’s free.
- Hardware & Infrastructure company Hewlett Packard Enterprise (NYSE: HPE) jumped 3.6%. Is now the time to buy Hewlett Packard Enterprise? Access our full analysis report here, it’s free.
- IT Services & Consulting company IBM (NYSE: IBM) jumped 3.4%. Is now the time to buy IBM? Access our full analysis report here, it’s free.
Zooming In On Getty Images (GETY)
Getty Images’s shares are extremely volatile and have had 60 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 14 days ago when the stock gained 78.3% on the news that the company announced a multi-year partnership with OpenAI to integrate its licensed image library into ChatGPT.
This deal completely reframed the investment thesis for Getty Images. Over the previous two years, the market treated the stock as a primary casualty of the generative AI boom, a fear compounded when Getty lost its high-profile copyright infringement lawsuit against Stable Diffusion creator Stability AI in November 2025.
By partnering with OpenAI, Getty is securing a new distribution channel and monetizing its vast archive in the AI era. Under the agreement, ChatGPT will pull from Getty's licensed catalog when users request visual responses, providing OpenAI with high-quality, legally cleared imagery. While financial terms were not disclosed, the sheer magnitude of the stock's move shows investors were pricing in a lifeline for a business model that many feared was structurally obsolete. The rally was further supported by recent renewals of exclusive photography deals for the 2026 FIFA World Cup and the Tribeca Festival, securing high-demand recurring content.
Getty Images is down 29.5% since the beginning of the year, and at $0.92 per share, it is trading 60.9% below its 52-week high of $2.36 from October 2025. Investors who bought $1,000 worth of Getty Images’s shares 5 years ago would now be looking at only $93.71.
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