- Gotta be the weather. The January ISM misses estimates by a mile, slumping to 51.3 vs. 56 expected and 57 in December. It's the lowest print since May 2013.
- New Orders dove to 51.2 from 64.4, Production 54.8 from 61.7, Employment 52.3 from 55.8, Backlogs 48 from 51.5. On the rise are Prices to 60.5 from 53.5, with natural gas among those noted as headed higher.
- Among the comments: "Poor weather impacted outbound and inbound shipments," "Good finish to 2013, but slow start to 2014, mostly attributed to weather," "We have experienced many late deliveries during the past week due to the weather shutting down truck lines."
- Full report
- Weather or not, the economic slowdown meme is on center stage. In the red before the report, Treasury prices reverse higher, TLT +0.4%, TBT -1%. The 10-year Treasury yield is now lower by two basis points to 2.63%.
- Treasury ETFs: TBT, TLT, TMV, IEF, TBF, PST, EDV, TTT, TMF, ZROZ, SBND, TLH, IEI, DLBS, TYO, DTYS, VGLT, UST, UBT, TBX, TLO, VGIT, GSY, DTYL, LBND, SCHR, TYD, TENZ, ITE, TYBS, FIVZ, TBZ, DFVL, DLBL, DFVS, TYNS
- Stocks slide to session lows, the S&P 500 -0.8%.
- S&P 500 ETFs: SPY, SH, SSO, SDS, IVV, SPXU, UPRO, VOO, RSP, RWL, EPS, BXUB, TRND, SFLA, BXUC, BXDB