Daily Rundown

October 6, 2026

Chart of the Day

Number of the Day

74.0

The ISM services prices paid index in September, up from 72.6 in the prior month and the highest level since 2022

Quote of the Day

“Interest rates continue to drive buyers out of the market. Half of buyers walking through the door cannot qualify to purchase.”

Respondent to the September ISM services survey

Monday’s Highlight

The ISM services index (September) slipped to 54.9 from a prior 55.1.

Quick Commentary

The ISM services numbers were solid, if not quite as robust as those of a month ago. Business activity, new orders, and order backlogs were all comfortably in expansion territory while the employment index recorded its first positive reading in three months. The downside, of course, is the rising prices paid index, which has shot higher by 11.0 points in just the last seven months. We are still a far cry from the ten straight 80.0+ readings of 2021-22, but the current trend is still more than enough to keep the Fed in play for another rate hike before the end of the year. The 2022-23 tightening cycle ended only after the ISM prices paid metrics for services and manufacturing moved into the mid-50s and low 40s, respectively, and it will likely take a similar pullback in this case to drive the Fed more sustainably back to the sidelines.

Today’s Highlight

Trade balance

Daily Trivia

What large country’s exports to the U.S. are dominated by the “Pearls, precious stones, precious metals, and coins” category, which accounted for roughly half of the total in 2025?

(Monday’s Question: What company attempted to cash in on its meme stock status by selling shares to the public while in bankruptcy in 2020, inspiring the headline “And Now For Something Completely Worthless”? Answer: Hertz)