Another choppy session with the three major indices on track for big monthly losses, as the market was unable to hold early gains. Volatility continues. The market failed to end a three-day losing streak that began with Powell’s speech at Jackson Hole last week.

Selling pressure has led the S&P 500 to break below its 50-day moving average.

Only 4 sectors are in green this afternoon with Communication Services outperforming. Solid gains in Meta Platforms (META) and Netflix (NFLX) are helping the sector.

This afternoon breadth is all about tension.

On the economic front, August Chicago PMI was 52.2, surpassing consensus of 52.1. Employment, prices paid and employed rose at a slower place. New orders fell at a slower rate; still contracting, while production jumped into expansionary territory.