US close: Stocks sharply lower following August manufacturing PMIs

(Sharecast News) - Wall Street stocks closed firmly lower on Tuesday as traders returned from the Labor Day long weekend to fresh manufacturing data. At the close, the Dow Jones Industrial Average was down 1.51% at 40,936.93, while the S&P 500 lost 2.12% to 5,528.93 and the Nasdaq Composite saw out the session 3.26% weaker at 17,136.30.

The Dow closed 626.15 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 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) $42.92 2.72% Procter & Gamble Co. (PG) $174.57 1.77% Unitedhealth Group Inc. (UNH) $598.46 1.40% Visa Inc. (V) $278.33 0.71% Johnson & Johnson (JNJ) $167.01 0.69% Coca-Cola Co. (KO) $72.93 0.64% Dowdupont Inc. (DWDP) $0.00 0.00% Travelers Company Inc. (TRV) $227.76 -0.14% Walmart Inc. (WMT) $77.11 -0.16% International Business Machines Corporation (CDI) (IBM) $201.23 -0.45%

Dow Jones - Fallers

Intel Corp. (INTC) $20.10 -8.80% Boeing Co. (BA) $161.10 -7.28% Goldman Sachs Group Inc. (GS) $486.89 -4.58% Caterpillar Inc. (CAT) $339.95 -4.54% Dow Chemical Co. (DOW) $51.85 -3.23% Walgreens Boots Alliance, Inc. (WBA) $8.97 -3.03% 3M Co. (MMM) $130.71 -2.95% Apple Inc. (AAPL) $222.77 -2.72% Nike Inc. (NKE) $81.28 -2.45% Chevron Corp. (CVX) $144.44 -2.37%

S&P 500 - Risers

Under Armour Inc. Class A (UAA) $8.20 6.63% Under Armour, Inc. (UA) $7.88 5.63% Molson Coors Beverage Co. Class B (TAP) $56.90 5.43% Kohls Corp. (KSS) $20.26 4.49% J. M. Smucker Co. (SJM) $118.72 3.52% VF Corp. (VFC) $18.83 3.38% Church Dwight Co Inc. (CHD) $105.19 3.25% Southern Co. (SO) $88.88 2.87% Verizon Communications Inc. (VZ) $42.92 2.72% AT&T Inc. (T) $20.44 2.71%

S&P 500 - Fallers

CenturyLink Inc. (LUMN) $4.72 -10.00% Nvidia Corp. (NVDA) $108.00 -9.53% KLA-Tencor Corp. (KLAC) $741.43 -9.52% Intel Corp. (INTC) $20.10 -8.80% Amphenol Corp. (APH) $61.88 -8.25% Micron Technology Inc. (MU) $88.58 -7.96% Advanced Micro Devices Inc. (AMD) $136.94 -7.82% Arista Networks Inc. (ANET) $326.36 -7.65% Synopsys Inc. (SNPS) $481.22 -7.38% Boeing Co. (BA) $161.10 -7.28%

Nasdaq 100 - Risers

Monster Beverage Corp (MNST) $48.30 2.48% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $358.80 1.69% Hologic Inc. (HOLX) $82.16 1.13% Incyte Corp. (INCY) $66.31 0.99% T-Mobile Us, Inc. (TMUS) $200.53 0.91% CSX Corp. (CSX) $34.58 0.90% Gilead Sciences Inc. (GILD) $79.70 0.89% Vodafone Group Plc ADS (VOD) $9.85 0.82% Ross Stores Inc. (ROST) $151.68 0.71% Mondelez International Inc. (MDLZ) $72.27 0.64%

Nasdaq 100 - Fallers

Nvidia Corp. (NVDA) $108.00 -9.53% KLA-Tencor Corp. (KLAC) $741.43 -9.52% Intel Corp. (INTC) $20.10 -8.80% Micron Technology Inc. (MU) $88.58 -7.96% Synopsys Inc. (SNPS) $481.22 -7.38% Qurate Retail Inc. (QRTEA) $0.56 -7.08% Skyworks Solutions Inc. (SWKS) $101.84 -7.07% Applied Materials Inc. (AMAT) $183.37 -7.04% Microchip Technology Inc. (MCHP) $76.38 -7.04% QUALCOMM Inc. (QCOM) $163.24 -6.88%