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US PMI KEY POINTS: US PMI Composite Output Index slows to 53.8 in May from 56 in April, hitting a four-month low Flash Services Business activity cools to 53.5 from 55.6 in the previous month, also a four-month low. Meanwhile, Manufacturing sector growth eases to 57.5 from 59.2 S&P 500 extends losses as slowing economic growth raises questions about the health of the US economy