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Wednesday, May 1
More on the continued ISM decline: The guts look a little better as New Orders rose to 52.3 vs....
More on the continued ISM decline: The guts look a little better as New Orders rose to 52.3 vs. 51.4 previously and Production moved to 53.5 from 52.2. The weakest numbers in the report are Inventories at 46.5 from 49.5 and Customers' Inventories at 44.5 from 47.5 - both suggesting a restocking is necessary. Stocks continue lower. S&P 500 (SPY -0.5%) and Nasdaq 100 (QQQ -0.3%), but Treasurys (TLT +0.7%) make new YTD lows in yield, the 10-year at 1.64%, the long bond at 2.84%.