Stocks, Bond Yields Plunge After Dismal Manufacturing Data
A 2nd consecutive contraction in US Manufacturing, according to ISM, has sparked selling in stocks and a bid for safe-havens like bonds and gold.
ISM respondents
“General market is slowing even more than a normal fourth-quarter slowdown.” (Fabricated Metal Products)
“Business has been flat for us. Year-over-year growth has slowed dramatically.” (Miscellaneous Manufacturing)
“We have seen a reduction in sales orders and, therefore, a lower demand for products we order. We have also reduced our workforce by 10 percent.” (Plastics & Rubber Products)
Stocks tanked…
Bonds were bid…
Source: Bloomberg
And gold bounced…
As the dollar slid off multi-year highs…
Source: Bloomberg
Get back to work Mr.Powell!
Tyler Durden
Tue, 10/01/2019 – 10:10
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