Afternoon Note
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.
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.
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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