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.
Read More:
- Markets Today: US Dollar on Course for Worst Week Since July, Gold Steady, DAX eyes Retracement Ahead of Bullish Continuation
- SPX 500: Bullish trend undeterred by US government shutdown, en route to 6,800/850 next
- GBP/USD snaps four-day winning streak, hovers around 1.34500 - Potential targets and price forecast
A few market reactions
Everything seems to be selling off for now! (that was at 10:06)
UPDATE: A risk-on trade is being put on by participants, with Stocks rallying and Bitcoin also liking it, while Bonds and Gold are selling off.
A global market picture after the September Services PMI report, October 3, 2025 – Source: TradingView (10:06)
An update to the current picture (10:40 ET) – Risk-on flows
A global market picture after the September Services PMI report, October 3, 2025 – Source: TradingView (10:40)
Safe Trades!
Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier
Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2025 OANDA Business Information & Services Inc.
