"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.
Stocks of oil and gas companies were some of the market's biggest losers after the price of crude oil fell roughly 4% on concerns about how much fuel a fragile global economy will burn.
The Fed appears set to lower interest rates later this month in hopes of easing conditions for the economy and avoiding a recession after earlier jacking its main interest rate to a two-decade high.
The S&P 500 sank 2.1% to give back a chunk of the gains from a three-week winning streak that had carried it to the cusp of its all-time high.
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