US Markit prelim services PMI 52.4 vs 54.7 expected

The US services and manufacturing PMI from Markit

• Lowest since Sept 2016 on services
• Prior was 54.5
• Manufacturing 55.0 vs 53.9 expected
• Prior manufacturing 53.9
• Composite 53.0 vs 54.5 prior

Soft on services but strong on manufacturing. The 15-month low is a bit concerning on the services side but it's still well-above 50 and given some of the other strong US metrics, it's probably safe to ignore it (and the market is doing just that).