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Market Wrap: IPO Woes as Peloton Stock Hits New Low

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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. 

While all three major indices fell at least 1%, there were some bright spots on the Dow, including Apple (AAPL) , Johnson & Johnson (JNJ) , Coca Cola (KO) and Visa (V)

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. 

Apple and Johnson & Johnson are key holdings in Jim Cramer's Action Alerts PLUS charitable trust

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