*WHAT HAPPENED OVERNIGHT*
-SPX -0.9%, Nasdaq -1.87%
-UST 10y yield -12 bps to 2.75%
-US July PMI- albeit nuanced- underscored slowdown
(Svcs PMI fell into contraction BUT svcs new orders rose)
-Mkt pricing for Sept FOMC @ 50 bps (vs 75 bps pre-data)
-Brent -0.6% to $103.24