The US ISM Non-Manufacturing PMI for June was recorded at 48.8, the lowest since May 2020. The US ADP employment figure for June was recorded at 150,000, the smallest increase since January 2024.

From this month's consumer spending data, service consumption growth was relatively weak, and the latest ISM Services PMI has once again fallen below 50. However, despite non-farm payrolls exceeding 200,000 in May, job vacancies are still rising, implying that corporate hiring demand remains strong. We await the non-farm payroll and wage data to be released this week.

While consumer spending data is weakening, the implied income data from employment may still be decent. Overall, the data trend points to expectations of an earlier rate cut amid a soft landing. Meanwhile, with economic data weakening, the Fed has been signaling a 'Fed Put' in recent days, which is also driving continued upward momentum in growth and tech stocks.