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Midday Wrap: U.S., EU Manufacturing Data Weighs on Markets

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U.S. equities took a dip Tuesday as disappointing manufacturing data weighed on markets concerned about a potential recession

The U.S. manufacturing Purchasing Manager's index from the Institute for Supply Management came in at 47.8% in September.

Any number below 50% is seen as a contraction and September represented the second consecutive month of contraction. 

The President took to Twitter to blame the Federal Reserve for the numbers, citing high interest rates that is keeping the dollar high. 

However, the European Central Bank has negative interest rates currently, and even deepened their interest rate cuts by 10 basis points in September, but the PMI showed that European manufacturing is also slowing. 

The Eurozone reported an eight consecutive month of contraction, the PMI figure was 45.7% in September, down from 47% in August. 

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