This morning’s Service PMI moved the market more than the jobs report because it’s clear the service economy wheels are coming off.

• Headline 56.6%; consensus 52.6%
• Employment 51%; consensus 43.3%
• New Orders 43.3%; consensus 56.1%

The initial reaction following the released of ISM Service data was a substantial drop in 10-year yields below 4%.

Banks continue to be the strongest group again.

The rally is running out of steam as yields move higher, let’s see if the S&P 500 can hold onto gains.