Services Data Sparks Worst Fears

12:06 p.m. ET Market internals were 1-day overbought yesterday. Price action so far today fits the circumstances. However, the market is clearly touchy about growth/jobs and inflation given Payrolls recent decline, and tariff-related inflation’s potential to stymie Fed rate cuts. Manufacturing surveys (soft data) have come in noticeably weak. This morning we get to the…