- Stocks tumbled steadily lower as today's session progressed, finally settling near their lows of the day, weighed by worries over slowing growth in China and its implications for the global economy.
- All 10 S&P sectors ended lower, led by health care (-3.8%), energy (-3.6%) and materials (-3.2%); the already reeling biotech sector plunged another 6.3% today, as Democrats in Congress pressured the House oversight committee to force Valeant Pharmaceuticals (-16.6%) to turn over documents tied to price hikes imposed earlier this year.
- Energy and raw material producers also fell sharply, as commodity prices fell in response to the report from China showing industrial profits slid 8.8% in August from a year ago.
- The steady selling pressure dropped the S&P 500 below a number of technical support levels including its Aug. 24 closing level of 1893.21.
- U.S. Treasurys rallied in a flight-to-safety bid, with the yield on the 10-year note slipping 7 bps to 2.09%.