U.S. manufacturing contracts for first time in 3 years: ISM

Bogged down in the China-U.S. trade war, the U.S. manufacturing sector stumbled and fell into contraction last month for the first time in three years.The Institute for Supply Management's nationwide manufacturing index fell unexpectedly to 49.1, ending 35 months of expansion and hitting the lowest level since January 2016.Any reading above 50 indicates expansion.

About 58 minutes into trading, the Dow Jones Industrial Average was at 26,011.77, down 1.48 percent in the first session of the week following Monday‘s Labor Day holiday.The broad-based SP 500 dropped 1.02 percent to 2,896.69, while the tech-rich Nasdaq Composite Index fell 1.05 percent to 7,879.40.

(AFP)