A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, August 18, 2015. Reuters/Lucas Jackson
Wall Street slumped at the open on Friday, falling for the fourth straight session, as more grim data from China spooked investors already worried about the pace of global growth.
The Dow Jones industrial average was poised to for its sharpest weekly fall since November, 2011. The Nasdaq composite and the S&P 500 were on track for their steepest weekly fall since May 2012.
All 10 major S&P sectors were in the red, led by the consumer sector, and seven of the 10 were down more than 0.8 percent.
Disney (DIS.N), a Dow component, slumped 2.5 percent to $98.51 after a Cowen and Company price target cut. Disney weighed the most on the consumer index.
Apple’s (AAPL.O) fell 1.4 percent to $111.10 as investors continued to fret over the company’s prospects in China, a key growth market for the iPhone maker. The stock was the biggest drag on the S&P and the Nasdaq.
Data from China showed its giant manufacturing sector shrank at the fastest pace since the depths of the financial crisis in 2009, exacerbating worries about its health that have been preying on economist’s minds for months.
That decline comes on the heels of weaker-than-expected economic data in July, plus this month’s yuan devaluation and a stock market plunge. Shanghai stocks .SSEC dropped another 4 percent on Friday, bringing losses for the…