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After yesterday's Chicago PMI came in below 50 for the first time since September 2009, some investors breathed a sigh of relief today as the ISM Manufacturing report for April came in above 50 and slightly better than expected (50.7 vs. 50.5). Interestingly, after yesterday's weaker-than-expected Chicago PMI report, the market rallied to new all-time highs, while today's better-than-expected ISM has been met with initial selling.

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The table below shows each of the ISM Manufacturing report's 10 subcomponents. Even though today's headline number declined from last month, the 10 subcomponents were evenly split between monthly growth and declines. Backlog orders saw this month's largest increase, while Prices Paid and Employment saw the largest declines.

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Source: ISM Manufacturing Comes In Marginally Better Than Expected