U.S. stocks lower after downbeat global economy news, U.S. factory order plunge

U.S. stocks are trading lower Tuesday morning, as investors weigh dour international economic news and more oil supply cuts, along with the first drop for U.S. factory orders in months.

A Caixin survey showed China’s service sector expanded in August at its slowest pace in eight months, providing further evidence that the country’s post-pandemic recovery is faltering. “Sentiment has turned downbeat again on China as fresh brushstrokes are painted on the picture of its slowing economy,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

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