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ISM 49.2, sixth month: XLI lags SPY 400bps, decoded

US manufacturing ISM printed 49.2 in May 2026, a sixth straight contraction month, with XLI underperforming SPY by 400 basis points year-to-date on Iran-shock logistics costs. Ceasefire catalyst, CAT, BA, HON order trends, and H2 capex outlook tracked live.

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ISM 49.2, sixth month: XLI lags SPY 400bps, decoded has gained +0% in mention volume over the past 24 hours. Sentiment is skeptical. Coverage is led by tier-1 financial press with cross-platform amplification.