Daily Rundown
- Chief Strategist, Bryan Jordan CFA
- 3 days ago
- 1 min read
November 4, 2025
Chart of the Day
Number of the Day
37 - Consecutive months in which the ISM's manufacturing order backlog index has been in contraction
Quote of the Day
"Business continues to remain difficult, as customers are cancelling and reducing orders due to uncertainty in the global economic environment and regarding the ever-changing tariff landscape." - Respondent to the October ISM manufacturing survey
Monday's Highlight
The ISM manufacturing index (October) fell to 48.7 from a prior 49.1, an eighth straight month below the 50.0 expansion/contraction line.
Quick Commentary
The details in yesterday's ISM report were better than the headline, as the new orders and employment components were both up modestly while the inventory index fell to a 12-month low. These are still weak numbers, however, and the broadly downbeat tone in the respondent commentary suggests that there are still significant downside risks even after eight straight months of contraction.
Today's Highlights
Marriott earnings
Yum! Brands earnings
Daily Trivia
What is the only S&P 500 industry group that is up by less than 10.0 percent since the current bull market began in 2022?
(Monday's Question: Based on current borders, what is the only economy to rank among the five largest in the world by GDP in 1800, 1900, and 2000? Answer: Germany)