ISM PMI: 52.7 vs 53.0 est, flat MoM

Manufacturing sector remains in expansion territory (>50). Miss is marginal—no material shift in activity momentum.

Implication: Fed has room to hold rates steady. No recession signal here. Risk-on bias intact for equities, particularly cyclicals and industrials.

Watch for underlying components (new orders, employment) in full report for forward guidance on capex and hiring trends.