The latest ISM manufacturing report out at 10 AM ET this morning revealed that American manufacturing sector unexpectedly entered into contraction in May for the first time since November.
Following the release, gold is flying higher, and Treasuries are seeing a nice bounce as well. 10-year yields are down 3 basis points to 2.10%.
Stocks, on the other hand, seem relatively unaffected by the release and are up 0.4% on the day.
The chart below shows gold, which is now trading around $1404, up 0.7%, versus levels near $1393 just prior to the release.
The next chart shows 10-year Treasury futures, which are now trading around 129’240, up 0.4%, versus levels around 129’020 just before the release.
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