US Stocks deep on the red

Pressure on Stocks Persists  The sell-off in the U.S. equity markets that has ensued in 2014 is persisting in late-morning action, with another lackluster economic report out of China being accompanied by a much softer-than-expected domestic ISM Manufacturing Index. Meanwhile, January U.S. auto sales came in mostly below analysts' expectations. Treasuries have turned higher following the data, which is overshadowing an upbeat eurozone manufacturing report, as well as an unexpected rise in U.S. construction spending. In equity news, Dow member Pfizer reported favorable results from study of its breast cancer treatment and Sysco missed analysts' revenue estimates, while Herbalife issued mixed guidance and announced a $1.0 billion convertible note offer. In other economic news, a separate report showed domestic manufacturing activity continued to expand. The U.S. dollar and crude oil prices are lower, while gold is higher. Overseas, Asian stocks moved mostly lower following the Chinese manufacturing report, while markets in China and Hong Kong remained closed for holidays. Finally, European equities have moved to the downside following the disappointing U.S. and Chinese data. Source: Schwab