Wall Street drops as weak data raises growth worries

A report from the Institute of Supply Management showed U.S. factory activity contracted for the first time in six months in August as new orders and production tumbled. Given that the Fed is so data-dependent, the market is worrying about how that will affect the Fed's decision," said Ernie Cecilia, chief investment officer of Bryn Mawr Trust in Pennsylvania. The report precedes Friday's monthly nonfarm payrolls numbers which are likely to set the tone for the Fed policy meeting regarding the t