Services PMI surprises to downside

Market Performance & Economic Indicators - S&P PMI service sector final reading for August downgraded to 545%, weaker than the originally reported 554% [2] - Composite PMI also downgraded to 546% from 554%, marking the weakest level since June [2] - Initial market reaction to the PMI downgrade involved slight buying, pushing yields down, but this effect leveled off [2] - ADP jobs number came in slightly light, causing a low spike in interest rates [2] - The 10-year Treasury yield is down by 4 basis points to 418% [3] Interest Rate & Bond Market - Weak Jolts data shifted the market from selling pressure (pushing rates up) to covering positions [3] - Market anticipates tomorrow's job report and next week's CPI and PPI reports [3]