Stocks Drop as Treasuries Gain With Gold After China Data

U.S. stocks slumped, with the Dow Jones Industrial Average sliding to the lowest close in a month, while Treasuries rose after a gauge signaled contraction in Chinese manufacturing. Emerging-markets equities slipped and the dollar retreated while gold and natural gas climbed.

The Standard & Poor’s 500 Index fell 0.9 percent as the Dow sank 1.1 percent. The MSCI Emerging Markets Index slid 1.3 percent by 4:44 p.m. in New York after Chinese shares in Hong Kong tumbled. Ten-year Treasury yields sank to a seven-week low and the dollar lost 1.1 percent versus the euro. Gas jumped 0.9 percent and gold rose to the highest level since November. Turkey intervened to stem the lira’s slump while Argentina devalued the peso, sparking the steepest plunge in 12 years.