Stocks initially extended their losses this morning, following another set of disappointing data points from the Institute of Supply Management, this time it was lower than expected growth in the services sector.
Unlike yesterday’s manufacturing data, which fell below 50 indicating a contraction, today’s non-manufacturing index came in at 52, suggesting it’s still expanding. But, the number was below 55 expectations and included some disturbing trends such as new orders dropping six percentage points to 51 — the largest month-to-month decline in over four years.
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