Russell 2000

Growth momentum: The previous 54.0 reading was the benchmark, so the move came from how the new release changed that trend. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: Consensus looked for 51.3 versus 51.2 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: Consensus looked for 85.3 versus 53.9 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.