Economic Data Summary - The ISM manufacturing PMI for September shows a headline reading of 49.1%, indicating contraction and the lowest level since March [1] - Prices paid index decreased to 61.9%, down from 63.7%, marking the second lightest number of the year [2] - New orders index fell to 48.9%, below expectations and lower than the previous month's 51.4%, the weakest since July [2] - Employment index recorded at 45.3%, better than the previous month's 43.8%, but still in contraction territory [3][4] - The employment index is the highest since May when it was 46.8% [4] - Interest rates are declining significantly due to weak ADP data, with expectations of a delayed jobs report [4]

Economic Indicators - June construction spending decreased by 04% [2] - Manufacturing ISM headline number is 480%, marking the fifth consecutive month in contraction territory [1][2] - Prices paid decreased to 648%, the lowest since February [2] - New orders are light at 471%, remaining under 50% for the fifth consecutive month [2][3] - Employment comes in at 434%, well below expectations [3] Consumer Sentiment - University of Michigan sentiment final read shows a slight decrease from 618 to 617 [3] - Current conditions improved from 668% to 680%, the second-best reading of the year [4] - Expectations decreased from 586% to 577%, the weakest level since March [5] - One-year inflation expectation increased from 44% to 45%, while the 5 to 10-year inflation expectation decreased from 36% to 34%, the second-lowest reading of the year [5] Employment Data - May non-farm payroll was revised from 144000 to 19000, and June was 147000, resulting in a combined minus 258000 [6]

Economic Indicators - Initial Jobless Claims rose to 241K, exceeding the expected 225K and the revised previous week's 223K, marking the highest level since February [3] - Continuing Claims surpassed 1.9 million, reaching 1.916 million, the highest since November 2021, indicating potential labor market weakness [4] Q1 Earnings Reports - Eli Lilly (LLY) reported earnings of $3.34 per share, missing expectations by 5%, but revenues of $12.73 billion exceeded projections and last year's $8.77 billion, driven by strong sales of weight-loss drug Mounjaro at $3.84 billion [5] - McDonald's (MCD) posted earnings of $2.67 per share, slightly above consensus, but revenues of $5.96 billion missed expectations, with same-store sales at their lowest in five years, leading to a 2% drop in shares [6] - CVS Health (CVS) beat earnings expectations with $2.25 per share versus $1.71 anticipated, and revenues of $94.59 billion exceeded estimates, contributing to an 8.7% increase in shares [7] - Wayfair (W) reported a surprise profit of $0.10 per share, significantly better than the expected loss of $0.18, with revenues of $2.73 billion slightly above estimates, resulting in a 6% rise in shares [8] Market Expectations - Anticipation for S&P Manufacturing PMI and ISM Manufacturing data, with S&P expected to slightly decrease to 50.6 while ISM is projected to drop to 47.8, indicating potential contraction [9] - Construction Spending for March is expected to decline to +0.2% from +0.7% in February, reflecting a slowdown in economic activity [10] - Upcoming earnings reports from major companies including Amazon (AMZN) and Apple (AAPL) are expected to influence market sentiment [11]