patrick.net

Weak U.S. manufacturing data, on top of more news of slowing activity in China, sent stocks into a tailspin and signaled to some traders that the correction could be deeper than they "expected."

The index still shows expansion because it is above 50, but it is far weaker than "expected" and raised red flags that U.S. growth may be slower than thought.

"We're seeing other confirming reports that the economy is not delivering in the zone we were expecting," said Jack Ablin, chief investment officer of BMO Private Bank.

"The number was much weaker than "expected", and the market is very sensitive at this point to thinking that the Fed has started the policy normalization process too soon," said Barry Knapp, head of equity portfolio strategy at Barclays.

http://www.cnbc.com/id/101385927