There are lots of handwriting and excuses for the job report today. Once the dust settles, months from now, I suspect it could be worse and not because of hurricanes and strikes. Keep watching those revisions.

On that note, I’m not sure why bond yields have reversed higher. This is perplexing and for weeks, many said it was trading with positive economic surprises.

Today, there was not a positive economic surprise, no matter how much the financial media circles the wagon. 

ISM Manufacturing PMI came in at 46.5, down from 47.2 in September and missing the consensus estimate of 47.5.

Rate sensitive sectors, Utilities (XLU) and Real Estate (XLRE), are the worst performers. Consumer Discretionary (XLY) is in the lead after Amazon (AMZN) reported favorable earnings.

The Fear & Greed Index moved to Neutral from yesterday’s Fear reading.