Services data from Markit
- Initial reading was 52.5
- Prior was 50.9
- Composite PMI 52.6 vs 51.6 prelim
- Services sector employment 52.5 vs 52.2 prior
- Composite employment 52.1 vs 51.7 prelim and 52.1 prior
The ISM non-manufacturing survey is due at the top of the hour. The consensus is 55.5 from 55.1 prior. I don't think it's going to matter to markets. Trump's announcement was a game-changer and the market is now wholly concerned with how the economy will perform from Aug 1 and beyond (especially after Sept 1 when the tariffs go into effect).