Stocks on tenterhooks as U.S. recession signs build

into their biggest one-day percentage declines since Aug. 23. The S&P 500 is now down 4.6% from its record July 26 closing high. A correction is traditionally defined as a 10% decline.

Expectations for the ISM services report are for a reading of 55.0, down from the 56.4 registered in August. Friday’s payrolls number is forecast to show job gains of 145,000, up from the 130,000 in August, while the unemployment rate is expected to hold steady at 3.7%. “The worry we have is the uncertainties associated with all this will continue to argue for having a much more cautious approach as an investor at the moment.”

“It is almost a function of the fact that last month was so dull, then you get the disappointing ISM number and everyone kind of freaks out real fast and that is what has led to this two-day, very quick gyration lower as we were kind of lulled almost to sleep by the lack of volatility in September,” said Detrick.

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