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Briefing.com Summary:

*Market eager to narrow this week's losses

*Good flash August PMI readings from Japan and eurozone 

*Ongoing focus on U.S. Treasury's liquidity management efforts

The stock market endured some volatility this week, which has the S&P 500 and Nasdaq down a respective 1.9% and 2.5% for the week entering today's session. However, the market is unwilling to go down without a fight, as futures on the S&P 500 trade about 35 points above fair value.

The higher opening indication follows a night that saw subdued movement in Asia and more of the same in Europe even though the night brought a big batch of data, headlined by flash August PMI readings from major economies. Overall, things looked pretty good with Japan (55.1) reporting its eighth consecutive month of expansion while the eurozone's reading (52.8) expanded at its fastest pace in over four years.

Investors will also receive the S&P Global U.S. Manufacturing PMI (prior 53.9) and flash S&P Global U.S. Services PMI (prior 54.6) at 9:45 ET, completing this week's modest slate of U.S. data.

The overnight news flow was on the light side with no big shifts in the U.S.-Iran conflict. Vice President Vance described the economic pressure efforts that are being taken against Iran as a "delicate dance."

Meanwhile, Treasuries have been dancing delicately near yesterday's closing levels with shorter tenors showing slight strength while the long bond underperforms. However, even with this week's volatility, the 30-yr yield (5.25%) is still down two basis points for the week while the 10-yr yield (4.69%) is down one basis point from last Friday's settlement.

Treasury Secretary Bessent spoke to CNBC about the Treasury's change to its buyback allowance yesterday afternoon, warning that his office has multiple tools to tackle potential liquidity issues. However, the market has maintained a "show me" mode in reaction to the Treasury's efforts so far.