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Yesterday, stocks suffered their biggest one-day decline since July 2nd.   The RECOVERY theme was delivered a blow from a disappointing data point from the manufacturing sector.  More importantly, a larger-than-expected jump in initial jobless claims, created some concern about the release of September nonfarm payrolls due out shortly.  I would also note that RISK MEASURES were elevated yesterday, with the VIX +10.4%, its biggest one-day spike since September 1st.

Surprisingly the Consumer Discretionary (XLY) slightly outperformed the S&P 500, despite the jump in initial claims.  The RESTAURANTS underperformed the S&P 500 with Full Service (FSR) getting hit the hardest, declining 4.1%.  Overall, the decline in the restaurant stocks was on very light volume.