The first stock market gains quickly faded on Wednesday despite encouraging economic figures.

JPMorgan Chase CEO Jamie Dimon told a conference this morning that the economy is “a hurricane” and “you better be prepared”.

The Dow Jones (DJI) -1.1%down 379 to 32,611, at S&P 500 (SP500) -1.3%down 51 to 4,081, and the Nasdaq Composite (COMP.IND) -1.1%down from 133 to 11,945, are lower.

Ten of 11 S&P sectors are down, with financials down after Dimon’s comments. Energy is the only winner. The S&P again saw resistance near 4,160 and reversed course.

The 10-year Treasury yield is up 9 basis points to 2.85% while the 2-year one is up 13 basis points to 2.67%.

San Francisco Fed President Mary Daly said the FOMC needs to get rates back to neutral as soon as possible and wants to see the federal funds rate at 2.5% by the end of the year. The market currently has this price for November.

In this morning’s economic data, the ISM manufacturing index for May posted an unexpected rise to 56.1.

“Orders and backlogs are growing at a faster rate,” Wells Fargo said. “Meanwhile, supplier deliveries are improving but only gradually, and inflationary pressure is fading but not significantly. ‘assistance.”

The April JOLTS report showed job openings fell to 11.4 million, as expected.

“Layoffs are still incredibly low,” tweeted Indeed Economist Nick Bunker. “This data only covers the end of April, but there is still a long way to go before layoffs start to increase.”

“The quit rate remains high but has stabilized in recent months. On the contrary, there has been a slight decline compared to the end of last year,” he said. “A notable drop in the quit rate in the leisure and hospitality industry, down half a percentage point on the month to 5.2% in April. Leisure and hospitality was one of the epicentres of abandonment, but things are calming down there.”

At 2 p.m. ET, the Fed will release its Beige Book report on the economy.

“The (Beige Book) evidence is hearsay, and some of the answers can be carefully staged to present a certain picture (especially in a politically polarized time),” said UBS’s chief economist, Paul Donovan. “The tightness of the labor market will be interesting (with reports of overhiring at some companies), as will the normalization of consumer demand.”

Among active stocks, Salesforce rallies after earnings and leads cloud computing stocks higher. Albemarle is the S&P’s biggest decline after Goldman said the bull market in battery metals peaked.