11:57 AM EDT, 09/03/2024 (MT Newswires) -- All three major US stock indexes were down over 1% in late-morning trading Tuesday as new manufacturing data revived concerns about the health of the US economy.

The Institute for Supply management's US manufacturing index rose to 47.2 in August from 46.8 in July but came in below expectations for a 47.5 reading in a survey compiled by Bloomberg as of 7:25 a.m. ET. Readings above 50 indicate expansion, while those below 50 indicate contraction.

In company news, equity analysts at Wells Fargo (WFC) downgraded Boeing ( BA ) to underweight from equal weight, citing a less-optimistic view of the company's free cash flow opportunity, which it previously described as "generational," as well as an expected equity raise that will likely further dilute shares. The analysts also lowered the company's price target to $119 from $185. Shares of Boeing ( BA ) were down 8.1% near noon.

Super Micro Computer ( SMCI ) does not anticipate any material changes to its Q4 or FY 2024 earnings results despite a delay in filing its annual Form 10-K, the company said Tuesday. Super Micro said last Wednesday that it was pushing back its filing of the annual report because it needed additional time for management to complete an assessment of its internal controls over its financial reporting. That announcement came a day after short-seller Hindenburg Research released a report alleging that Super Micro has engaged in accounting manipulation. Shares of the company were up 2%.

Hewlett Packard Enterprise ( HPE ) said it intends to pursue its claim for up to $4 billion in damages from the late British billionaire Mike Lynch's estate in the UK. The company is seeking compensation related to its takeover of his software company Autonomy. Lynch died in August when his yacht sank off the coast of Sicily, Italy. Shares of Hewlett Packard ( HPE ) were down 1.4%.

Blackstone (BX) and the Canada Pension Plan Investment Board are reportedly close to finalizing a deal to acquire Australian data center group AirTrunk from Macquarie Group and Canada's Public Sector Pension Investment Board for 20 billion Australian dollars ($13.53 billion), including debt, multiple media outlets reported Monday, citing unnamed sources. Separately, Blackstone will acquire an 80% interest in Burstone's Pan-European Logistics platform valued at 1.02 billion euros ($1.13 billion), the latter said in a statement Monday. Shares of Blackstone were down 1.9%.

Constellation Brands ( STZ ) lowered its fiscal 2025 EPS guidance Tuesday to a range of $3.05 to $7.92 from previous guidance of $14.63 to $14.93, while raising the lower end of its comparable EPS forecast. The company now expects fiscal 2025 comparable EPS of $13.60 to $13.80, compared with a prior guidance of $13.50 to $13.80. Constellation also lowered its net sales growth guidance to a range of 4% to 6% from 6% to 7%, and said it expects a non-cash goodwill impairment loss of about $1.5 billion to $2.5 billion in fiscal Q2 2025 for its wine and spirit business. Shares of the company were up 2.6%.

FedEx ( FDX ) is expected to "modestly miss" its fiscal Q1 results due to a weak performance of the parcel business that was slightly offset by its freight business and Drive initiative savings, Morgan Stanley (MS) said in an earnings preview on Tuesday. Morgan Stanley said the main discussion will be around the company's fiscal Q2 and Q3 outlook and factors influencing these quarters, such as the end of the US Postal Service contract, peak season dynamics and challenging Drive initiative comparisons that can potentially lead to "significant earnings volatility. FedEx ( FDX ) fiscal Q1 earnings are scheduled for Sept. 19. Shares of FedEx ( FDX ) were down 2%.

US Steel (X) should remain American-owned and American-operated, presidential candidate Kamala Harris said Monday during a campaign rally in Pittsburgh and on social media platform X. Japan's Nippon Steel has proposed to acquire US Steel in a $14.1 billion deal. Shares of US Steel were down 5.3%.

TotalEnergies (TTE) said Tuesday it has signed an agreement with Adani Green Energy to form a joint venture with a 1,150 megawatt alternating current solar portfolio in Gujarat, India. Adani Green will contribute assets to the JV, while Total Energies will provide an equity investment of $444 million, TotalEnergies said, adding that the companies will equally own the new venture. Shares of TotalEnergies were down 2.9%.

KKR's (KKR) planned tender offer to buy Japanese systems developer Fuji Soft may be derailed by Bain Capital's counteroffer of around 600 billion Japanese yen ($4.11 billion), according to media reports. KKR said in August it planned to make a tender offer to acquire all outstanding shares of Fuji Soft for 8,800 yen per share, or a total of 560 billion yen. Shares of KKR were down 3%.

Price: 139.62, Change: -2.74, Percent Change: -1.92