The Standard & Poor’s 500 Index dropped the most since June and emerging-market stocks extended the worst start to a year since 2009 as data from China to the U.S. signaled a slowdown in manufacturing. Treasuries rose and gold rallied while copper capped its longest slump in 18 years.
The S&P 500 lost 2.3 percent by 4:46 p.m. in New York, extending its 2014 drop to 5.8 percent and closing at the lowest level since October. The MSCI Emerging Markets Index slid 1.1 percent while Japan’s Nikkei 225 Stock Average entered a correction. Ten-year Treasury yields slipped seven basis points to a three-month low of 2.57 percent. Gold climbed 1.3 percent and arabica coffee jumped the most since 2004. Copper futures slid a ninth day in the longest run of declines since 1995.