August IHS Markit Manufacturing PMI preliminary reading was 51.3 versus a prior reading of 52.2. The August IHS Markit Services PMI preliminary reading was 44.1 versus the prior reading of 47.3.
Treasury yields moved sharply lower after the soft IHS numbers. They fit the view that the Fed can’t be overly aggressive now with rate hikes, lest it risk inviting a recession.
The 10-yr note yield is down one basis point to 3.02% while the 2-yr note yield is down six basis points to 3.28%.
July New Home Sales totaled 511,000 (Briefing.com consensus 580,000) after a revised 585,000 (from 590,000).