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Stocks Slide Following Negative Chinese Economic Data

Futures in New York fell on Tuesday following the release of economic data from China indicating that the country is still struggling to complete its economic recovery. Futures listed on the S&P 500 edged lower by 0.1%, while those on the tech-heavy Nasdaq Composite index fell by 0.3%. Contracts listed on the Dow Jones Industrial Average remained relatively unchanged.

Data from China showed that the country’s services activity fell to its lowest level over the last eight months, thereby raising concerns regarding potential failure to meet demand. Still, Goldman Sachs cut their odds for a US recession as data from within the country points to cooling inflation and a strong labor market.

Shares in Nvidia and Apple both fell before markets reopened following the Labor Day break, while bets over another interest rate hike from the Federal Reserve at its September meeting lowered further due to positive US economic data.

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