Nasdaq 100 futures (US100) are down nearly 0.9%, extending yesterday’s selloff. January’s ISM Services print came in slightly above expectations, but the beat was largely driven by a very strong (inflationary) prices component. In contrast, new orders and employment both declined. Earlier, the final S&P Global Services PMI was revised marginally higher versus the preliminary reading.
- U.S. ISM Services (January): 53.8 (vs 53.5 expected, 54.4 prior)
- Prices paid: 56.6 (vs 55.0 expected, 54.3 prior)
- New orders: 53.1 (vs 55.0 expected, 57.9 prior)
- Employment: 50.3 (vs 51.8 expected, 52.0 prior)
US100 (H1)
While the index briefly ticked higher after the ISM release, selling pressure remains dominant. Beyond Big Tech — with Meta Platforms and Nvidia among today’s decliners — shares of AMD are sharply lower (nearly -14%), Palantir is also down, and the broader tech sector, especially software, is deepening yesterday’s slide. Sell volume is prevailing, and the hourly RSI has fallen toward oversold levels. The pullback from the recent peak is roughly 1,000 points.
Overall, the ISM report does not look supportive for equities. It may reinforce the view among policymakers that inflation risks remain alive, while the “cost” of keeping policy hawkish could increasingly weigh on the labor market and activity in a U.S. economy that is already sending mixed signals.

Source: xStation5
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