Core Insights - The ISM services index for October shows strong performance at 52.4%, significantly above expectations and marking the best result since February of this year [1] - Prices paid have increased to 70.0%, the highest since October 2022, indicating inflationary pressures [2] - New orders have also exceeded expectations at 56.2%, representing a one-year high [2] - Employment data from ADP indicates a slight improvement at 48.2%, although still in contraction territory, marking the best performance since May [3] - Current trading levels are around 414, reflecting a slight increase and some of the highest closes since early October [3]

Economic Data Summary - The ISM services PMI for September is reported at 50, marking the weakest reading since May of this year, which had a sub-50 reading of 49.9 [1] - The prices paid component is at 69.4%, slightly higher than the previous 69.2%, indicating inflationary pressures that are warmer than expected [2] - New orders came in at 50.4%, significantly missing expectations of around 54.5%, and down from the last reading of 56 [2] - Service employment is reported at 47.2%, the only reading below 50, but it is better than expected and sequentially higher than the previous 46.5% [3] - Interest rates have decreased, with the 10-year rate down nine basis points to 4.09% and the two-year rate also down nine basis points to 3.55% [4]