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Weak factory data weigh on Wall Street

Video Credit: Reuters Studio - Duration: 01:15s - Published
Weak factory data weigh on Wall Street

Weak factory data weigh on Wall Street

U.S. stocks fell Tuesday as investors worried about global growth prospects after data showed U.S. factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.

Fred Katayama reports.

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Recession fears triggered by surprisingly weak manufacturing data sent stocks on Wall Street tumbling Tuesday.

The Dow and Nasdaq shed more than 1%.

The Institute for Supply Management reported that the U.S. manufacturing sector shrank in August for the first time in three years, hit by rising trade tensions between the United States and China.

Datatrek co-founder Nick Colas.

SOUNDBITE: DATATREK CO-FOUNDER NICK COLAS (ENGLISH) SAYING: "Clearly this feeds directly into this whole narrative about a recession in the U.S. coming sooner rather than later.

We've seen that with the yield curve presenting that possibility and with a lot of investor concerns about the same.

This just feeds into it in a very direct and pointed way." China began imposing new duties on U.S. oil Sunday.

That sent down shares of Chevron, Marathon Oil, and other oil companies.

Dragging down the Dow: Boeing.

The Federal Aviation Administration said it'll be a few more weeks before a global panel of experts finish their certification review of the company's grounded 737 MAX jet.

Casino operators Wynn Resorts, Las Vegas Sands and MGM Resorts fell after Macau reported weak casino revenue in August.

Walmart shares rose.

The retaielr said it'll stop selling some ammunition at its U.S. stores in response to the deadly mass shootings in Texas last month.




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