The S&P 500 ended the day with a modest -0.22% decline, the third consecutive day of modest declines. Today was fairly light on economic data in advance of the big event on Friday, the July Employment Report. We did get the Census Bureau's Preliminary Report on Manufacturers’ Shipments, Inventories and Orders, which gives us a revised look at the Advance Report on Durable Goods issued last week. See the details in our update here. Particularly striking is the -7.1% year-over-year decline in Core Capital Goods.

The yield on the 10-year note closed the day at 2.23%, up 7 bps from yesterday's close.

Here is a snapshot of past five sessions.

A daily chart of the index illustrates the choppy action in the S&P 500 on either side of its May 21 record close.

A Perspective on Drawdowns

Here's a snapshot of selloffs since the 2009 trough.

For a longer-term perspective, here is a charts base on daily closes since the all-time high prior to the Great Recession.