Stocks, Bonds, And Treasuries Getting Slammed After Massive Chicago PMI Number

The Chicago Fed's October Purchasing Managers Index was just released, and the number surged to 65.9 from the last month's 55.7 number. Economists were expecting it to decline slightly to 55.0.

The number suggests Midwest manufacturing is on fire, and Treasuries are taking a hit on the release.

10-year U.S. Treasury futures just went negative after spending most of the morning in the green. The yield on the 10-year note is trading at 2.55%, one basis point higher from yesterday's close.

Gold is trading at $1323 an ounce, down 2.0%.

Meanwhile, the S&P 500 is trading at 1759, down 0.2%, and the dollar is heading higher.

The chart below shows the drop in Treasury futures this morning on the right. The big decline on the left is the reaction to yesterday's release of the October FOMC statement.