In today's update:
1) U.S. Equity Markets started the month of December in the red after disappointing ISM Manufacturing data. The Dow Jones Industrial Average dropped 268.37 or 0.96%, the S&P 500 fell 27.11 or 0.86% while the Nasdaq-100 closed lower by 97.48 or 1.12% and the Russell 2000 finished lower by 16.92 or 1.04%.
2) Crude Oil Futures popped $0.76 or 1.38% on hopes of OPEC supply cuts while Gold Futures dropped $4.70 or 0.32% despite a sharp decline in the U.S. dollar. The Bond market also closed lower and the yield on the 10-Year Treasury Note settled at 1.824%.
3) The ISM Manufacturing Survey was released this morning and disappointed with a reading of 48.1 compared to an expected forecast of 49.2. This was also the fourth straight month below the 50 level which suggests that the U.S. economy is in contraction mode.