US stocks plunged about 2% on Tuesday, the first day of trade for September, as weak Chinese data pressured global markets.
The Dow Jones industrial average traded about 320 points lower in correction territory, after earlier falling as much as 360.83 points. The Nasdaq Composite wiped out gains for 2015 and struggled to stay out of correction. The S&P 500 is within 1% of correction territory as of this post.
China’s official manufacturing purchasing managers’ index (PMI) edged down to 49.7 in August from 50 in July, while the final Caixin/Markit manufacturing PMI came in at 47.3 in August, the lowest reading since March 2009.