Overview
Traders enter Friday, May 1, 2026, with a packed economic calendar focused on the manufacturing sector and weekly positioning metrics that can affect short-term risk sentiment. Central to the day are two measures of factory activity - the Manufacturing PMI and the ISM Manufacturing PMI - which provide forward-looking signals about production, demand, employment and price pressures in manufacturing.
Key manufacturing indicators
The day begins at 8:45 AM ET with the Manufacturing PMI, which is expected to hold steady at 54.0, unchanged from the prior reading of 54.0. This diffusion index reflects purchasing managers' assessments of activity levels in the manufacturing sector. Readings above 50.0 indicate expansion.
At 9:00 AM ET attention turns to the ISM Manufacturing PMI, forecast at 53.1 compared with the previous 52.7. The ISM composite measures a range of manufacturing activity components - new orders, production, employment, supplier deliveries and inventories - based on responses from more than 400 industrial companies. Because it aggregates several subcomponents, the ISM reading is often treated as a broad barometer of manufacturing health.
ISM subcomponents and what they measure
- ISM Manufacturing Prices (9:00 AM ET) - Expected at 80.0, up from the previous 78.3. This subindex records input price pressures and is monitored as an indicator of inflationary tendencies within manufacturing.
- ISM Manufacturing Employment (9:00 AM ET) - Forecast at 49.0 versus the prior 48.7. This component tracks hiring activity in factories; readings below 50.0 signal contraction in employment.
- ISM New Orders Index (9:00 AM ET) - The prior reading stands at 53.5. This element tracks incoming order activity and is considered forward-looking for production demand.
Other scheduled releases that could influence markets
Beyond manufacturing readings, a set of weekly and periodic indicators are due throughout the afternoon and could move markets, particularly in energy and commodities.
- 10:30 AM ET - Atlanta Fed GDPNow: Expected at 3.7%, unchanged from the prior 3.7%. This running estimate of real GDP growth synthesizes available economic data for the current quarter to produce a near-real-time forecast.
- 12:00 PM ET - Baker Hughes U.S. Rig Count: Previous 407. The weekly rig count is watched as a timely gauge of drilling activity and potential demand for oil services and products.
- 12:00 PM ET - U.S. Baker Hughes Total Rig Count: Previous 544. This broader tally tracks total drilling activity across the energy sector.
Weekly CFTC speculative positioning reports (2:30 PM ET)
Late afternoon brings the Commodity Futures Trading Commission's weekly snapshot of speculative positions across a range of futures markets. These figures detail how speculative traders are positioned in metals, energy, agricultural contracts and equity index futures, which market participants use to infer shifts in risk appetite.
- Gold speculative positions: Previous 164.0K.
- Crude Oil speculative positions: Previous 192.3K.
- S&P 500 speculative positions: Previous -110.1K.
- Nasdaq 100 speculative positions: Previous 9.4K.
- Copper speculative positions: Previous 59.2K.
- Silver speculative positions: Previous 23.7K.
- Aluminium speculative net positions: Previous 0.4K.
- Natural Gas speculative positions: Previous -168.3K.
- Corn speculative positions: Previous 263.7K.
- Soybeans speculative positions: Previous 211.1K.
- Wheat speculative positions: Previous -25.5K.
Market implications
Friday's concentrated slate of manufacturing and weekly positioning data spans areas that can affect different pockets of the market. Manufacturing PMIs and ISM subcomponents feed into assessments of industrial demand and input-cost trends that influence commodity markets, industrial equities and inflation expectations. Baker Hughes rig counts and the CFTC positioning reports offer more granular weekly reads on energy and commodity-market activity and speculative sentiment across futures markets. The Atlanta Fed GDPNow reading provides a running estimate of growth that market participants may use alongside the other releases to refine near-term economic expectations.
Where to follow updates
Traders and analysts seeking real-time reads on these items can consult up-to-date calendars and data feeds. For further information and the latest updates, please refer to our Economic Calendar.
Note: This article refrains from interpreting outcomes beyond the published expectations and prior values. Where data are cited, the article uses the forecasts and previous readings published for May 1, 2026.