S&P Global Composite PMI puts growth momentum in focus

This is a broad check on business activity across manufacturing and services. The market is already dealing with a weak tone and mixed breadth, so a move below 50.8 would raise more growth worries, while a sturdier print would help prove the economy is still expanding.

1. A stronger-than-expected PMI would say growth is holding together better than the market fears. That should help cyclicals, small caps, and other areas that need a steady economy more than they need cheap money.

2. A weaker reading would add to the idea that the economy is losing momentum. In that case, defensives tend to look safer, while industrials and consumer-facing names usually lose some footing.

3. An in-line print around 50.8 would keep the market in the middle: still expanding, but not strongly enough to change the overall tone. It would matter more as a confirmation of a trend than as a fresh trigger.

PMI is one of the cleanest reads on orders, hiring, and output. When it firms up, industrial names usually get the message first; when it softens, they feel the squeeze first.