The market has been selling off for a while, and fears about the US/global economy have been growing, but the dam broke loose yesterday.
That’s because we had a monster decline in the Dow following 48 hours of bad economic news on Thursday and Friday.
It’s all so bad that on Sunday night, CNBC will be bringing back a Markets In Turmoil special.
But it’s not all disaster. Buried in the rubble was a pretty solid ISM report. The headline number was basically right in line, but internally things look good.
The New Orders Sub-index is on fire, reaching 60 again.
And the employment sub-index is also rather strong, though it edged down mildly from last month.
Still, at its level of 57, its higher than it ever got during the pre-crisis boom.
Finally, another popular thing is to look at New Orders minus Inventories. When that’s falling, it means companies are building up inventories, and not getting as many sales to account for them. The good news is that it’s surging, showing the trend is in the right direction.
There’s no question that things are dicey right now.
Europe is a disaster. The BRICs are slowing, and the US data is pretty meh. But the fight isn’t over yet.
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