Investing.com – Wall Street tumbled on Tuesday after weak ISM manufacturing data sparked concerns that the U.S. economy could be slowing down.
The closely watched ISM manufacturing index came in lower than expected, increasing tensions that the impact of the the trade war with China is spilling over into the domestic economy.
The data follows disappointing results from the euro zone, which showed that manufacturing activity in the bloc contracted at its fastest rate in seven years.
Bank stocks fell, with Bank of America (NYSE:BAC) down 1% and JPMorgan Chase (NYSE:JPM) losing 0.5%, while Citigroup (NYSE:C) ticked down 0.4%. Charles Schwab (NYSE:SCHW) declined 8.9% after it said it would eliminate commissions on U.S. stock, ETFs and options investments.
In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.3% to 99.278 and gold futures fell 0.3% to $1,469.15 a troy ounce. Crude oil futures gained 1% to $54.59 a barrel.
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