The market is reacting negatively this morning to extremely poor ISM manufacturing data. 

Here’s the TLDR:
Demand fell, inventories rose (due to unsold stock), and prices *rose* (due to labor and shipping costs). In essence, this is stagflation (higher prices in a stagnant or slowing economy). 

The Fed’s worst nightmare.
https://m.primal.net/KcSH.png