Afternoon Note
When the market early gains faded, there was an outside chance a benign ISM Non-Manufacturing number could possibly spark a move higher.
As expected, the number cooled down in September to 53.4 vs. 53.5 consensus. While prices paid remained unchanged, other components declined.
ISM Service

Employment

Prices paid.

New orders

Energy is getting hammered today as the price of oil continues to fall.

Action has been mixed so far in the markets.
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| 12/30/2025 1:17 PM | Investors Await FOMC Minutes |
| 12/30/2025 9:38 AM | FED MINUTES TODAY |
| 12/29/2025 2:11 PM | Holiday Continues |
| 12/29/2025 9:44 AM | LARGE STAYS IN CHARGE HEADING INTO 2026 |
| 12/26/2025 12:47 PM | Slow Session |
| 12/26/2025 9:30 AM | The Market’s Gift: New Heights |
| 12/24/2025 9:10 AM | HO HO HO, MERRY CHRISTMAS |
| 12/23/2025 1:35 PM | Just In Time For Santa |
| 12/23/2025 9:26 AM | STRONG START TO A SHORTENED TRADING WEEK |
| 12/22/2025 1:37 PM | Broad Strength |
| 12/22/2025 9:26 AM | GETTING READY FOR THE YEAR-END |
| 12/19/2025 1:40 PM | Is Santa Coming? |
| 12/19/2025 9:38 AM | DEAR SANTA |
| 12/18/2025 1:44 PM | Markets Enthusiastic |
| 12/18/2025 9:28 AM | ORACLE CONTINUES TO HAUNT THE AI TRADE |
| 12/17/2025 1:23 PM | Technology Slides |
| 12/17/2025 9:40 AM | SPRING LOADED |
| 12/16/2025 1:44 PM | Drifting Lower |
| 12/16/2025 9:41 AM | JOBS DATA ARRIVES (FINALLY!) |
| 12/15/2025 1:27 PM | Choppy Action |
| 12/15/2025 9:38 AM | LOOKING FOR A NUDGE |
| 12/12/2025 1:29 PM | Friday Fury |
| 12/12/2025 9:45 AM | DO YOU HEAR WHAT I HEAR? |
| 12/11/2025 1:41 PM | Buyers Emerged |
| 12/11/2025 9:34 AM | THE GRINCH WHO SAVED CHRISTMAS |
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