Major averages kicked off September with a thud as disappointing Chinese data pressured global markets.
Activity in China's factory sector shrank at its fastest rate in at least three years in August as domestic and export orders tumbled, increasing investors' fears that the world's second-largest economy may be lurching toward a hard landing.
Even more worrying, China's services sector, which has been one of the lone bright spots in the sputtering economy, also showed signs of cooling, a similar business survey said.
Read More Weak China factory, services point to further slowdown
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