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Afternoon Note

Hold On To Your Hat

By Charles Payne, CEO & Principal Analyst
10/2/2023 1:20 PM

The ISM Manufacturing Survey out today should have moved markets higher.  The headline read of 49.0 was much better than expected and up from August read of 47.6.  Of course, a number under 50.0 means contraction, but this was a positive development.

United States ISM Purchasing Managers Index (PMI)

The best news was a declining number.  Prices paid swooned to 43.8 from 48.4, which was expected to edge higher to 49.0.

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Prices Paid

United States ISM Manufacturing Prices Paid

So, it’s a serious tug-of-war with mega-cap-led growth sectors higher and the rest lower, including Utilities, which are being dismantled.

Did I mention to hold on to your hat!

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