The major U.S. averages took a big dip Tuesday as U.S. and E.U. September manufacturing data weighed on weary investors.
The data suggest the trade war could be responsible for the contraction in U.S. manufacturing, which is in its second consecutive month.
The U.S. PMI came in at 47.8%, anything below 50% is a contraction, and the U.S. has been stuck in a contraction for two consecutive months. Meanwhile, in Europe, the PMI figure was 45.7%, down from 47% in August.
Meanwhile, shares of Peloton (PTON) dropped more than 9%, further cementing the anti-IPO narrative that has taken hold of investors in 2019. The stock debuted below its suggested opening price of $29 and has consistently dropped since then.
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