Manufacturing sentiment weakens as respondents worry about supply chains. The ISM manufacturing index remained in expansionary territory in February, despite falling back to 50.1 (50.9 in January). This was slightly weaker than the 50.5 markets were expecting. Sentiment was described as "cautious" compared to January. It is interesting to note that there is a current clear divergence between the SPX and the ISM Manufacturing Index, that started back in January 2019 when the Fed stopped raising rates. The SPX has shot higher, while the ISM has continued to drop crossing below 50 and therefore indicating a contraction. The IHS Markit Manufacturing PMI™ hit a five-month high in September while the ISM survey's PMI sank to its lowest level since 2009. Moreover, at 51.1. the former indicated a modest improvement in business conditions while the latter, at 47.8, indicated a deterioration.