U.S. stocks fell on Tuesday as data showed Factory Activity shrank for the first time since 2016 in August, renewing fears that a drawn-out trade war between the United States and China could tip the world’s largest economy into recession.
The Institute for Supply Management said its index of national Factory activity dropped to 49.1, compared with a reading of 51.1 estimated by analysts polled by Reuters.
The weak data also pushed the benchmark 10-year yield US10YT=RR to its lowest level since July 2016. Shares of banks .SPXBK, which typically come under pressure in a low interest rate environment, slid 2%.
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