As financial markets look ahead to Friday, January 23, 2026, a suite of vital economic data points are set for release that may shape investor sentiment and trading behavior. Central among these are the Services and Manufacturing Purchasing Managers’ Index (PMI) reports, both critical gauges of sectoral business activity and economic momentum.
The Services PMI report, scheduled for 9:45 AM ET, is produced monthly by Markit Economics following surveys from more than 400 private sector service company executives. A reading surpassing the 50 mark signals expansion within this sector. Economists forecast a reading of 52.9, slightly up from a previous 52.5, and results exceeding expectations may prove supportive of the U.S. dollar, reflecting confidence in service-based economic activity.
Simultaneously at 9:45 AM ET, the Manufacturing PMI is also expected. This index serves as a key metric for manufacturing sector vitality by monitoring purchasing manager activity, delivering early signals about economic performance in manufacturing. Forecasts predict a modest increase to 51.9 from 51.8, with values above 50 indicating sustained expansion. Better-than-expected figures could reinforce positive sentiment towards the U.S. dollar.
Additional consolidated insight into the economy comes from the S&P Global Composite PMI, also released at 9:45 AM ET, which aggregates manufacturing and services data to offer a more holistic view of economic conditions. The prior reading was 52.7.
Consumer confidence metrics will be closely watched with the release of the Michigan Consumer Sentiment Index at 10:00 AM ET. This index surveys roughly 500 U.S. consumers assessing their financial outlook, with a forecast steady at 54.0 matching the previous figure. The Michigan Consumer Expectations sub-index provides a forward-looking perspective, anticipated to rise slightly to 55.0 from 54.6, measuring optimism about developments over the next six months.
Further important indicators will be observed throughout the day, including drilling activity reports such as the Baker Hughes U.S. Rig Count and Total Rig Count, both at 1:00 PM ET, tracking active oil and gas drilling rigs with previous readings at 410 and 543 respectively. These data points inform on energy sector demand conditions.
Market speculation trends in commodity and equity futures will also be updated at 3:30 PM ET, including the Commodity Futures Trading Commission (CFTC) speculative positioning reports for crude oil, gold, Nasdaq 100, S&P 500, aluminum, copper, silver, natural gas, wheat, corn, and soybeans. These positional data reflect traders’ sentiment and risk appetite levels in respective markets.
Several other indicators anticipated at 10:00 AM ET provide additional context on economic health and inflation expectations. The Leading Index gauges the forward progression of business cycles with a prior figure noting a slight decrease of 0.3%. The Michigan indices on current conditions and inflation expectations (one-year and five-year) maintain forecasts in line with previous readings, providing perspectives on inflation outlook and consumer assessment of ongoing economic circumstances.
Also on Friday morning, the Dallas Federal Reserve’s Personal Consumption Expenditure (PCE) tracker, a refined inflation measure excluding volatility from extreme price changes, will be published. The last figure stood at 1.90%.
In sum, these data points collectively offer a broad but detailed glimpse into the state of the U.S. economy spanning manufacturing, services, consumer confidence, energy sector activity, inflation expectations, and speculative market positioning. Participants across various sectors will monitor these indicators closely, as outcomes hold potential to sway currency valuations, equity prices, and commodity markets as the weekend approaches.