Manufacturing PMI’s released over the weekend out of Asia and Europe all came in below 50, indicating global manufacturing remains in a state of contraction.
Treasury yields are noticeably lower as participants continue to deal with concerns over economic weakness and the fear of a policy mistake. The 2-yr note yield is down six basis points to 4.36% and the 10-yr note yield is down 12 basis points to 3.76%.
The U.S. Dollar Index has made a big move this morning, up 1.1% to 104.69.
The new Congress convenes today with Republicans taking control of the House. A closely watched vote for House Speaker will also take place later today.