After reaching highs last week, stocks posted their worst day since the Aug. 5 market meltdown, after the US Monday holiday, with the S&P 500 falling more than 2%, because with the FED rudderless and data dependant, markets reacted to signals things might not be going well. Marking the start of a busy week for economic data, a report showed US manufacturing activity shrank in August for a fifth month.

Just as in the August episode, tech got hit the hardest, with Nvidia Corp. driving a plunge in chipmakers. And the parallels don’t stop there. The yen jumped, a closely watched manufacturing gauge again missed forecasts, and oil plummeted on concern about tepid global demand. Wall Street’s “fear gauge” the VIX soared. Treasury yields tumbled, with traders keeping their bets on an unusually large halfpoint Federal Reserve rate cut this year.

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