The market stumbled out the gate and it's been all downhill since.

The economic data reports out this morning all missed consensus.

Factory orders were a huge miss:

• Headline -3.6% consensus -3.1% and
• Ex-transportation -0.8% consensus -0.1%

ISM Service

• 52.6 consensus 53.0
• Employment and prices sharply lower while new orders increased to 56.1 from 55.0.

Leadership Void

This is certainly a defensive session, just like yesterday, as suddenly, there are worries about the Magnificent Seven peaking or stalling.

Today’s weakness is a reminder that the broad market has been tenuous at best.

The good news is the action in Financials led by big banks.

We don’t see a reason to panic, but this is a reminder to those that want to play High Beta stocks that they swing a lot, and those swings can be jarring.