The flesh PMI data was much weaker than expectations. New home sales and Richmond Fed also came in weaker while consumer confidence flash estimate was negative but not as weak as expectations.
The weaker data has helped to send yields lower. The two year yield is down -6.9 basis points at 3.247%. The 10 year has also moved into negative territory at 2.996%, -2.2 basis points.
The dollar has declined, and all the bad news has helped to give the NASDAQ a boost (bad news is good news). It currently trades up around 92 points or 0.74% at 12472.72 after trading as low as 12352.03. That low took the price down 6.29% from it’s recent highs.
The S&P index is up 19 points or 0.46%. The Dow industrial average is up 50 points or 0.15%
Crude oil is higher by $3.10 as OPEC chatter is talking about output cuts going forward. ON the opposite side is an Iranian deal would add production, but for now the focus is to the upside for oil prices.