# Shaky start to September as trade fears and shrinking U.S. factory output slam stocks | Financial Post

> US stocks fell and the dollar reached its highest level in more than two years after the ISM manufacturing index showed contraction for the first time since February 2016. Trade worries also intensified as new US tariffs on Chinese goods took effect over the Labor Day weekend.

- Date: 2019-09-03 · published 2019-09-03T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/12332-shaky-start-to-september-as-trade-fears-and-shrinking-u-s-factory-output-slam
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

The ISM contraction signals weaker US industrial demand and a stronger dollar, both of which pressure feed commodity prices. Tariff escalation with China also threatens US soybean and grain export flows.

## Read by commodity

- DXY: bullish ▲
- SOY: bearish ▼
- CORN: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DXY | 2019-09-04 | 1 | -0.5% | -3.0 | The weak ISM manufacturing contraction on 9/3 undercut US growth expectations and fed into the dollar reversal the next day, after an initial spike to a two-year high. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-03-05 | [Dollar jumps as U.S. jobs growth beats expectations \| Financial Post](https://feedsoft.ai/events/10067-dollar-jumps-as-u-s-jobs-growth-beats-expectations-financial-post.md) | +0.2% | +0.9% |
| DXY | 2022-08-11 | [The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the Second Quarter - FEDERAL RESERVE BANK of NEW YORK](https://feedsoft.ai/events/40215-the-federal-reserve-and-u-s-treasury-did-not-intervene-in-fx-markets-during-the.md) | +1.1% | +3.2% |
| DXY | 2019-09-12 | [Oil Slips as OPEC Seen Facing Tough Test to Balance Market - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/57249-oil-slips-as-opec-seen-facing-tough-test-to-balance-market-energy-news-top.md) | -0.3% | +0.3% |
| DXY | 2024-06-05 | [US dollar rises as strong service sector data muddles Fed easing this year](https://feedsoft.ai/events/8478-us-dollar-rises-as-strong-service-sector-data-muddles-fed-easing-this-year.md) | +1.1% | +0.9% |
| DXY | 2026-10-19 | [COT on forex and commodities - Week to 13 October 2026 \| Saxo UK](https://feedsoft.ai/events/17045-cot-on-forex-and-commodities-week-to-13-october-2026-saxo-uk.md) | -0.1% | — |
| SOY | 2020-03-10 | [World soy stocks to swell as Brazil, Argentina harvest prospects rise \| Financial Post](https://feedsoft.ai/events/54091-world-soy-stocks-to-swell-as-brazil-argentina-harvest-prospects-rise-financial.md) | -4.8% | -0.9% |
| SOY | 2018-10-31 | [U.S.-China trade turmoil could be a boon for Canadian farmers — but not without some pain first - Financial Post](https://feedsoft.ai/events/62525-u-s-china-trade-turmoil-could-be-a-boon-for-canadian-farmers-but-not-without.md) | +4.6% | +6.8% |
| SOY | 2022-07-12 | [Losses deepen after USDA raises supply outlook, trims some demand \| Financial Post](https://feedsoft.ai/events/6832-losses-deepen-after-usda-raises-supply-outlook-trims-some-demand-financial-post.md) | -8.8% | -1.3% |

## Sources

- financialpost.com: https://financialpost.com/investing/global-markets-wall-st-dips-dollar-climbs-on-weak-factory-data-trade-jitters

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.