CNBC's Bob Pisani On Today's Reports And Markets

The weak ISM number--indicating contraction in manufacturing orders--has revived concerns about the "soft landing" in the U.S. economy. Weakness in the economy is not just in housing and autos but appears to be a bit more widespread.

This does not destroy the soft landing idea but the downturn may be a bit more severe than some had thought.

The U.S. dollar is moving to new lows--the 10 year yield is at a 10 month low and stocks moved down--the Dow dropped 50 points and the S&P 500 about 5 points.

Interest rate sensitive sectors like banks and brokers were especially affected.