The ISM PMI came in weaker again for June 2019 at 51.7, following a weak May measure of 52.1. Still over 50, indicating a growing manufacturing sector, but more weakness in this number will portend slower economic growth in the U.S. When this statistic was released on July 1, there was not much media hoopla and the markets absorbed it pretty well. Since then, the S&P 500 hit an all-time high again on July 3, 2019!
Plenty of reasons to be cautious here, but no reason to fear any kind of prolonged drawdown (yet, as things can change on a dime given the propensity for Fed-speak and Trump/China trade talk to impact market dynamics). Fears of a global growth slowdown seem well-founded, but slower growth is not something to fear as much as a negative growth! Moreover, this could just be a pause that refreshes!