The market was already vulnerable when the PMI report came in above Wall Street consensus. Maybe, the employment components scared many investors the day before the jobs report.  

But for me the biggest development is the huge swoon in prices paid.  This is the central problem at the Fed, and this kind of decline is remarkable.  The market should be cautiously optimistic about this.  But the knee-jerk move was to the downside. 

The bias is decidedly to the downside.  That could change if there is a huge miss tomorrow.  On the other hand, it seems like everyone has one foot out the door.