In the absence of Bureau of Labor Statistics data, preventing a more interesting day, participants are focusing on today’s ISM Services PMI report closely
Markets just received the report for the US ISM Services PMI, which slipped right around contraction territory at 50.0, missing expectations of 51.6 and down from the prior 52.0.
The services sector — which makes up the bulk of US economic activity — is closely monitored as it reflects both consumer and business demand momentum,
PMIs, particularly for the services sector, had been holding strong despite tariffs starting to bite into companies’ profit-margins and activities, but things are starting to change.
Now a few months after the July tariff implementation, the data is reflecting more and more the Trump Policies.
The essential Services PMI is now at the border of contraction.
Markets also received the Global PMI report about 15 minutes ago (53.9 vs 53.6 exp) but this one is less of a mover.
Discover the reactions in the main assets classes including US Equities (Nasdaq), US Treasuries, and the DXY just below.
A few market reactions
Everything seems to be selling off for now!
A global market picture after the September Services PMI report, October 3, 2025 – Source: TradingView
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