US open: Stocks sharply lower following manufacturing PMIs
Wall Street stocks were firmly in the red early on Tuesday as traders returned from the Labor Day long weekend to fresh manufacturing data.
As of 1525 BST, the Dow Jones Industrial Average was down 1.15% at 41,085.17, while the S&P 500 lost 1.30% to 5,574.96 and the Nasdaq Composite came out the gate 1.78% weaker at 17,399.01.
The Dow opened 477.91 points lower on Tuesday, more than reversing gains recorded in the previous session as the blue-chip index wrapped a fourth consecutive winning month.
Tuesday's primary focus was set to be manufacturing PMI from both S&P Global and the Institute for Supply Management, with market participants hoping to gain further insight into the state of the US economy throughout August.
S&P Global revised its manufacturing PMI slightly lower to 47.9 in August, down from a preliminary reading of 48, continuing to show that the manufacturing sector has continued to deteriorate year-to-date.
ISM's PMI, on the other hand, edged slightly higher to 47.2 last month, up from 46.8 in July but falling short of market expectations for a reading of 47.5, extending weak momentum for manufacturing and underscoring the impact of elevated interest rates by the Federal Reserve.
Elsewhere on the macro front, construction spending fell by 0.3% month-on-month in July to $2.16trn, according to the Census Bureau, following an upwardly revised flat reading.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Verizon Communications Inc. (VZ) $42.47 1.65%
Procter & Gamble Co. (PG) $173.59 1.20%
International Business Machines Corporation (CDI) (IBM) $204.10 0.97%
Unitedhealth Group Inc. (UNH) $595.87 0.96%
Visa Inc. (V) $278.83 0.89%
Walmart Inc. (WMT) $77.64 0.52%
Johnson & Johnson (JNJ) $166.69 0.50%
Coca-Cola Co. (KO) $72.60 0.17%
Microsoft Corp. (MSFT) $417.48 0.08%
Dowdupont Inc. (DWDP) $0.00 0.00%
Dow Jones - Fallers
Boeing Co. (BA) $160.15 -7.82%
Intel Corp. (INTC) $20.90 -5.17%
Caterpillar Inc. (CAT) $341.27 -4.17%
Goldman Sachs Group Inc. (GS) $491.97 -3.58%
Dow Chemical Co. (DOW) $52.08 -2.80%
Nike Inc. (NKE) $81.38 -2.33%
Chevron Corp. (CVX) $144.50 -2.33%
3M Co. (MMM) $131.60 -2.29%
Walgreens Boots Alliance, Inc. (WBA) $9.09 -1.78%
American Express Co. (AXP) $254.57 -1.58%
S&P 500 - Risers
Autodesk Inc. (ADSK) $267.08 3.36%
VF Corp. (VFC) $18.70 2.69%
Church Dwight Co Inc. (CHD) $104.14 2.22%
Southwest Airlines Co. (LUV) $29.53 2.11%
Cardinal Health Inc. (CAH) $114.90 1.93%
Sba Communications Corp. (SBAC) $230.75 1.80%
American Tower Corp (Reit) (AMT) $227.82 1.68%
Verizon Communications Inc. (VZ) $42.47 1.65%
Nektar Therapeutics (NKTR) $1.30 1.56%
Gilead Sciences Inc. (GILD) $80.21 1.53%
S&P 500 - Fallers
Boeing Co. (BA) $160.15 -7.82%
Freeport-McMoRan Inc (FCX) $41.20 -6.96%
Albemarle Corp. (ALB) $84.55 -6.32%
Amphenol Corp. (APH) $63.23 -6.26%
Nvidia Corp. (NVDA) $112.77 -5.53%
KLA-Tencor Corp. (KLAC) $776.62 -5.22%
Intel Corp. (INTC) $20.90 -5.17%
Quanta Services Inc. (PWR) $260.97 -5.15%
Apache Corp. (APA) $27.03 -5.12%
Applied Materials Inc. (AMAT) $187.48 -4.96%
Nasdaq 100 - Risers
Autodesk Inc. (ADSK) $267.08 3.36%
Vodafone Group Plc ADS (VOD) $9.93 1.64%
Gilead Sciences Inc. (GILD) $80.21 1.53%
Adobe Systems Inc. (ADBE) $582.72 1.45%
Incyte Corp. (INCY) $66.59 1.42%
Intuit Inc. (INTU) $636.15 0.93%
Biomarin Pharmaceutical Inc. (BMRN) $91.99 0.86%
T-Mobile Us, Inc. (TMUS) $200.34 0.82%
Illumina Inc. (ILMN) $132.38 0.74%
Monster Beverage Corp (MNST) $47.46 0.70%
Nasdaq 100 - Fallers
Nvidia Corp. (NVDA) $112.77 -5.53%
KLA-Tencor Corp. (KLAC) $776.62 -5.22%
Intel Corp. (INTC) $20.90 -5.17%
Applied Materials Inc. (AMAT) $187.48 -4.96%
Lam Research Corp. (LRCX) $781.02 -4.87%
Micron Technology Inc. (MU) $91.58 -4.84%
Qurate Retail Inc. (QRTEA) $0.57 -4.18%
Microchip Technology Inc. (MCHP) $78.85 -4.03%
Analog Devices Inc. (ADI) $225.64 -3.92%
QUALCOMM Inc. (QCOM) $168.74 -3.74%