A sharp drop in the Institute for Supply Management's manufacturing index sent the major indices plummeting on the first day of trading of February after a terrible January.
The – wait for it – “unexpected” drop in manufacturing was blamed on cold weather, because no one expects cold weather in December. (If bad news is always unexpected by economists, we need a new set of economists, right?)
The Nasdaq plunged 106 to close at 3996.
All but three components of the HW 30 bled Monday, with MOVE (NQ:MOVE) leading the losers dropping almost 6% on the day.
The only bright spot is it looks like Fannie Mae, Freddie Mac and Ginnie Mae (agency) mortgage bonds are in a period of sustained growth – maybe not a rally yet but certainly helping keep down the cost of mortgages.