he headline index from the ISM report tumbled to 51.3 from December's 56.5 reading,
indicative of a sharp slowdown in American manufacturing in January.
The consensus Wall Street estimate called for a much smaller decline to
In the wake of the release, the S&P 500 is trading 2.4% lower at
1740, while the yield on the 10-year Treasury note is 2.59%, 5 basis
points below Friday's close. Gold is up 1.4%, trading at $1257 an ounce.
The big news overnight and this morning has been the steady stream of
purchasing managers index survey data releases from the world's largest
economies. Growth in China's services sector is slowing, while growth
in the eurozone's manufacturing sector is accelerating, and growth in
America's manufacturing sector is slowing.
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