Here’s something you don’t hear anymore…the stock market is down on bad economic news. But that is exactly what happened when a slew of data hit the wires at 9:45.  

These reports came in below consensus and many are back to levels last seen at the onset of Covid-19 panic.

So maybe a ‘softish landing’ is out of the question, after all?

Recession must be discussed, and once it gets factored into the market, it will make a difference. The problem is, from an official point of view, which could be months away. I think this knee-jerk reaction is telling, but a subpar jobs number tomorrow should spark a big move higher. 

• US ISM MANUFACTURING PMI ACTUAL 49.0  
• US ISM MFG. PRICES PAID ACTUAL 43.0  

• US ISM MFG. EMPLOYMENT INDEX ACTUAL 48.4  

• US ISM MFG. NEW ORDERS INDEX ACTUAL 47.2