1. The ISM Manufacturing PMI unexpectedly jumped to 52.6 in January, entering expansion for the first time in nearly a year and marking the fastest pace of expansion in over three years.

• New orders surged, with the largest one-month pop outside the pandemic since 2001.

• Output expanded further.

• Employment remained in contraction, but the pace of contraction eased.

• The prices index inched higher, indicating some stubbornness in price pressure.