Last night's release of several positive US data for August: ADP employment growth fell short of expectations, while initial jobless claims rose slightly above expectations, both pointing to a cooling labor market and further reinforcing expectations for interest rate cuts. Subsequently, the S&P Global Services PMI for August fell slightly short of expectations, but remained above the boom-bust line, while the ISM Non-Manufacturing PMI rose above expectations (with the employment index contracting for three consecutive months, the services price index slightly below expectations, and the orders index significantly exceeding expectations). These data suggest that economic fundamentals are sound and consumer services remain resilient. This is close to the previously discussed best-case scenario: a healthy economy, a slowing labor market, and moderately weak prices. This drove US stocks higher overall last night, with even the Russell 2000 leading the gains. However, the cryptocurrency market was directly impacted by the Nasdaq's regulatory oversight. Of course, the most important data are today's non-farm payroll data and the mid-month CPI. As discussed previously, tonight's non-farm payroll figures ideally should be close to expectations (with a very small deviation from expectations, in line with, slightly below, or slightly above). A figure significantly below expectations would raise expectations for a larger rate cut, but the market would also have to withstand a small shock from recession fears. A figure significantly above expectations would naturally be the worst for the market, as it would require another shift in the path of rate cuts.