The US economic data published today for January/February 2026 show a mixed picture: ADP jobs significantly weaker than expected, ISM/PMI Services and Composite slightly better, oil inventories fell more strongly than forecast. The market reacts subdued: Gold falls back below $5,000, indices are mixed, oil prices remain in a narrow range.
Labor Market Data: ADP Disappoints, ISM/PMI Hold Up
The ADP Nonfarm Employment Change for January came in at +22k, significantly below expectations of +46k (previous month revised down by -4k to +37k). This indicates weaker private job dynamics and fuels speculation about a more cautious Fed stance.
The ISM Services PMI rose to 52.7 (slightly above previous value expectations), the Composite Index to 53.0 (each +0.2 points above expectation). Both values continue to signal expansion in the services sector, albeit moderate – a small sentiment brightener after the ADP shock.
Oil Inventories: Stronger Decline Than Expected
The EIA crude oil inventories fell by -3.455 million barrels (expected -2 million). This is a clear bullish impulse (less supply), but refinery utilization and gasoline production were slightly declining. Brent and WTI cannot benefit from this and continue to move within their narrow daily range at around 67.30 and 63.10 USD per barrel respectively.
Precious Metals: Gold Below $5,000
Gold has fallen back below the $5,000 mark after the data and is struggling there with technical weakness. The combination of a firmer dollar and dampened rate cut expectations (after PMIs) continues to weigh. Silver shows similar dynamics. Volatility remains high – if the price cannot sustainably overcome the resistance at $5,000, this could trigger further selling pressure. Especially if the current support in the 4,900 USD area does not hold.
Indices: Mixed, Dow Slightly Positive
The US indices are uneven: The Dow is trending slightly positive (+0.22 %), while S&P 500 (-0.43 %) and Nasdaq (-0.78 %) are in the red. Sentiment remains fragile – positive PMI signals support, weak ADP data and firmer dollar brake. The S&P 500 is fighting around the 7,000 mark.
Conclusion
The market continues to show nervousness: ADP disappoints, PMI hold up, oil inventories bullish but without price effect. Gold below $5,000, indices mixed, cryptos sideways. The direction depends on the next impulses (Nonfarm Payrolls tomorrow, geopolitical situation). Anyone who wants to follow prices live on PC or smartphone will find a neutral overview here of established platforms that cover almost the entire range of assets – with the right platform, react quickly to surprising data: To the Trading Platform Overview.
