Stocks took a tumble with the S&P 500 finishing red by more than 1%, but well off its worst levels of the day. The Treasury curve saw notable flattening, with the two-year yield rising two basis points and the long bond dropping five, and gold lost more than 1% to settle at $1,416 an ounce. The VIX jumped to more than 16 and is up 33% so far this week.
Earlier today, the July Chicago PMI collapsed to 44.4, its worst reading since Dec. 2015.
"The ISM-Chicago Business Survey, a regional view of the national economy, is a time-tested, market-moving report. The CHICAGO Report is available to subscribers 3 minutes before its release to the public 8:45 a.m. CT on the last working day each month. The Chicago Business Barometer, summarizing current business activity, also is known as Chicago Purchasing Manager Index or Chicago PMI. The Barometer is considered to be a leading indicator of the USA economy."
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