U.S. equities opened soft but have moved off their lows, despite contractionary manufacturing PMI data coming out of China, Germany, and the Eurozone. In the U.S., data showed a divergence, with S&P manufacturing PMI remaining in expansion while the ISM manufacturing PMI fell further into contraction. Energy markets are reacting to the recent OPEC meeting, where the group outlined a new system for setting production limits starting in 2027, sending WTI crude futures higher. Looking ahead, market participants are eyeing the release of JOLTS job openings, which are expected to show a cooling but stable labor market. Additionally, Federal Reserve Chair Jerome Powell is set to speak tonight during the FOMC quiet period, ahead of tomorrow's releases of EU CPI and further employment data.