As markets prepare for the opening of the week, traders and analysts will be watching a compact but influential slate of economic releases on Monday, July 6, 2026. The morning’s calendar centers on two measures of services-sector activity - the Services PMI and the ISM Non-Manufacturing PMI - which together will provide fresh readings on the health of large swathes of the U.S. economy. Federal Reserve Governor Christopher Waller is slated to speak mid-morning, and a host of weekly CFTC speculative positions and Treasury bill auctions are scheduled for the afternoon.
The timeline begins at 8:45 AM ET with the Services PMI, a monthly survey of more than 400 executives operating across transport, financial services, business services and hospitality. The survey’s consensus forecast stands at 51.3, up from a prior reading of 50.7, and, as with PMI measures generally, values above 50 indicate expansion rather than contraction. This release is an early indicator of services-sector momentum for the month.
At 9:00 AM ET the ISM Non-Manufacturing PMI is due. The previous published level for this composite index was 54.5. The ISM non-manufacturing report aggregates business activity, new orders, employment and supplier deliveries across the non-manufacturing portion of the economy and is widely followed because it covers a large share of overall economic output.
Several companion ISM components and other early indicators are scheduled around the same hour. The S&P Global Composite PMI, combining both manufacturing and services performance, is set for release at 8:45 AM ET with a forecast of 52.2 and a prior reading of 51.5. Also at 9:00 AM ET, market participants will receive the ISM Non-Manufacturing Employment component (previously 47.9), the ISM Non-Manufacturing Business Activity component (previously 57.7), the ISM Non-Manufacturing Prices component (previously 71.3) and the ISM Non-Manufacturing New Orders component (previously 57.3). Separately, the Conference Board Employment Trends Index, an aggregate of eight labor market indicators, is scheduled at 9:00 AM ET with a previous value of 107.01.
Following the morning data, Federal Reserve Governor Christopher Waller will deliver remarks at 10:00 AM ET. His comments may offer additional context for the central bank’s economic outlook and policy stance, as market participants seek clues beyond the raw data.
At 10:30 AM ET the Treasury will hold two short-term auctions: a 3-month bill auction with a previous yield of 3.740% and a 6-month bill auction with a previous yield of 3.840%. Those auctions provide a market signal of demand for very short-duration government paper.
The afternoon will be populated by the weekly CFTC speculative positions reports, all released at 2:30 PM ET. The prior net positions are: S&P 500 speculative positions at -35.4K, crude oil speculative positions at 114.6K, gold speculative positions at 181.3K, Nasdaq 100 speculative positions at -9.1K, aluminium speculative net positions at 0.8K, copper speculative positions at 71.6K, silver speculative positions at 23.8K, natural gas speculative positions at -176.7K, wheat speculative positions at -48.4K, corn speculative positions at 58.3K and soybeans speculative positions at 100.8K. These weekly commitments of traders data show how speculative traders positioned themselves across major futures markets ahead of the week.
For trading desks, the sequence of services-sector surveys and the ISM non-manufacturing indicators will likely be the primary drivers of near-term price action in risk assets, while Waller’s remarks may add nuance to how participants interpret the data for policy expectations. The CFTC reports and Treasury bill auctions later in the day will provide information on speculative positioning and short-term funding demand that market participants can use to gauge sentiment and liquidity conditions.
Market participants seeking the most up-to-date schedule and data releases are directed to consult the Economic Calendar for any adjustments to timings or further updates.
What’s on the schedule
- 8:45 AM ET - Services PMI: Forecast 51.3, Previous 50.7
- 8:45 AM ET - S&P Global Composite PMI: Forecast 52.2, Previous 51.5
- 9:00 AM ET - ISM Non-Manufacturing PMI: Previous 54.5
- 9:00 AM ET - ISM Non-Manufacturing Employment: Previous 47.9
- 9:00 AM ET - ISM Non-Manufacturing Business Activity: Previous 57.7
- 9:00 AM ET - ISM Non-Manufacturing Prices: Previous 71.3
- 9:00 AM ET - ISM Non-Manufacturing New Orders: Previous 57.3
- 9:00 AM ET - CB Employment Trends Index: Previous 107.01
- 10:00 AM ET - Fed Waller Speaks
- 10:30 AM ET - 3-Month Bill Auction: Previous 3.740%
- 10:30 AM ET - 6-Month Bill Auction: Previous 3.840%
- 2:30 PM ET - CFTC S&P 500 Speculative Positions: Previous -35.4K
- 2:30 PM ET - CFTC Crude Oil Speculative Positions: Previous 114.6K
- 2:30 PM ET - CFTC Gold Speculative Positions: Previous 181.3K
- 2:30 PM ET - CFTC Nasdaq 100 Speculative Positions: Previous -9.1K
- 2:30 PM ET - CFTC Aluminium Speculative Net Positions: Previous 0.8K
- 2:30 PM ET - CFTC Copper Speculative Positions: Previous 71.6K
- 2:30 PM ET - CFTC Silver Speculative Positions: Previous 23.8K
- 2:30 PM ET - CFTC Natural Gas Speculative Positions: Previous -176.7K
- 2:30 PM ET - CFTC Wheat Speculative Positions: Previous -48.4K
- 2:30 PM ET - CFTC Corn Speculative Positions: Previous 58.3K
- 2:30 PM ET - CFTC Soybeans Speculative Positions: Previous 100.8K