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Stock market today: Wall Street tumbles on worries about the economy, and Dow drops more than 600

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The Dow Jones Industrial Average dropped 626 points, or 1.5%, from its own record set on Friday before Monday's Labor Day holiday.

ByNEW YORK --tumbled Tuesday to their worst day since an early August sell-off, as a week full of updates on the economy got off to a discouragingly weak start.

"Demand remains subdued, as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and election uncertainty," said Timothy Fiore, chair of the Institute for Supply Management's manufacturing business survey committee. Other reports due later this week could show how much help the economy needs, including updates on the number of job openings U.S. employers were advertising at the end of July and how strong U.S. services businesses grew last month. The week's highlight will likely arrive on Friday, when a report will show how many jobs U.S. employers created during August.

But if Friday's report is weaker, it could drive the Fed to deliver an outsized cut of half a percentage point from the federal funds rate's current range of 5.25% to 5.50%, Mericle said. Nippon Steel also reiterated that it expects the transaction to close by the end of this year, despite ongoing political and labor opposition.

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