(MENAFN- ProactiveInvestors)Just when you thought things might ease US shares crashed out again on Tuesday with the Dow Jones dropping 360 points to 16165 as traders around the globe took flight after weak China data. The tech heavy Nasdaq dropped 95 to 4684 while the broader based S&P500 eased 42 to 1930. It came after China reported another contraction in manufacturing figures overnight and analysts said the data simply provided more confirmation that Chinese economic momentum was slowing down. European markets were also feeeling the pain with the FTSE100 dropping 192 points and inching ever closer to going below the 6000 level again. Joshua Mahony at spreadbetter IG noted that today the importance of today's China statement was that the slowdown was hitting the larger state-backed firms who typically take longer to feel the pain than the SME's covered by the Caixin measure which has been in contraction since February. "Chinese markets have started the week just as the past three weeks have begun with widespread selling and the expectation that the worst may not yet be over. There are precious few signs that China is beginning to recover and while PBoC action can provide a temporary reprieve we are yet to see any evidence that it is doing any good to the economy." Meanwhile Fed commentary at the banker symposium over the weekend did little to ease concern on the timing of an interest rate rise across the pond. In company news energy group Penn West dropped 7.8% after it revealed its latest round of spending cuts saying it would reduce staff by 35% suspend the dividend and cut back on spending. Elsewhere Yahoo (NASDAQ:YHOO) the search engine giant shed 1.89% as its chief executive officer Marissa Mayer announced she is pregnant with identical twin girls likely due in December. "Since this is a unique time in Yahoo's transformation I plan to approach the pregnancy and delivery as I did with my son three years ago taking limited time away and working throughout" Mayer wrote in a blog post late on Monday. Dollar Tree (NASDAQ:DLTR) the second-largest U.S. dollar-store retailer went 7.55% lower to US$70.51 as it provided gloomy revenue outlook while swinging to a quarter loss amid fierce competition and as it focuses on closing of the Family Dollar Stores. Revenue this year is anticipated to be $15.3bn to $15.5bn the Chesapeake Virginia-based company said in a statement on Tuesday. That fell short of the $15.6bn average estimate of 9 analysts polled by Capital IQ. Energy firm Phillips (NYSE: PXE) shares lost 1.66% after mega investor Warren Buffett revealed he has a 10.8% stake which has cost $4.5bn. Berkshire Hathaway lost 2.4%.
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