Stocks slid on Wednesday, a second day of selling that has shattered a relatively calm period for Wall Street, as investors faced new evidence that the world’s industrial sector is weakening in the face of the trade war.
The S&P 500 was down about 2 percent and on track for its worst day since late August. Stocks in Europe tumbled.
The selling this week began after a report on manufacturing activity showed that factory output in the United States slowed in September to levels last seen at the end of the financial crisis a decade ago. The data was fresh indication that the trade conflict between Washington and Beijing is chipping away at the industrial base in the United States, after having already dented factories in China, Japan and Germany.
Corporate reports on Wednesday, on auto sales and the airline sector, also contributed to the market’s dour mood.
“There’s no question that the global economy is slowing and that’s beginning to show up in U.S. data,” said Scott Clemons, chief investment strategist at private bank Brown Brothers Harriman. » | Matt Phillips and Amie Tsang | Wednesday, October 2, 2019
