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Stocks Fall After Downbeat Chinese Data

Jeremy Glaser

U.S. Market
Stocks started September on a down note as Chinese concerns sent markets across the globe tumbling.

Chinese factory data released today stoked fresh growth fears. The official manufacturing purchasing manger index fell to 49.7 in August from 50.0 in July. Any reading below 50 indicates a contraction. A separated private Caixin PMI dropped to 47.3 in August from 47.8 in the previous month.

The closest watched ISM index, which measures the strength of the U.S. manufacturing sector, fell to 51.1 last month from 52.7 in July. Economists had expected the index to be unchanged.

At midday the Dow and S&P 500 were each down 1.8% while the Nasdaq was off 1.4%.

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Stocks on the Move
Corporate news flow was slow again today.

Foreign Markets
European markets were off sharply today. The FTSE 100 fell 2.9%, the Paris CAC was down 2.5% while Germany’s DAX shed 2.4% on the day.

Asian shares were also under pressure. The Shanghai Composite was down 1.2%, the Hang Seng lost 2.2% while the Nikkei 225 sank 3.8%.