This morning, the S&P Global Flash PMI report may have saved the day as the market was looking extremely vulnerable. 

• Manufacturing PMI: 52.3 vs. consensus 49.0
• Service PMI: 52.3 vs. consensus 51.0

Immediately, the bears leaped on the spike in prices. They’ve soared across the board, led by manufacturing.

If historic patterns hold up, the next report will show higher prices for consumers.

There will be a one-time price adjustment, but for the most part companies are not passing them on because they can’t.  William Sonoma (WSM) said it was absorbing cost and reiterated its guidance. 

Management was expecting the share price to move higher on that, I’m sure, but it’s under pressure today.

It’s steady as she goes – let’s see if buyers show up into the close.