US equity markets logged steep falls following the resumption of trading after the Labor Day long weekend as US manufacturing activity contracted for the first time in three years in August - Dow fell -285-points or -1.08%, paring an earlier decline of as much as -425-points or -1.6%. The broader S&P500 lost -0.69% after dropping as much as -1.2% earlier in the session, with Industrials (down -1.42%) and Information Technology (-1.26%) leading eight of the eleven primary sectors lower. The more defensive Utilities sector was the best performer with a +1.75% advance. Boeing Co (down -2.66.%) was under pressure following a Wall Street Journal report said the 737 Max jet could remain grounded through the holiday season. The technology-centric NASDAQ -1.11%, with Intel Corp down -1.5%, Advanced Micro Devices Inc -1.8% and Micron Technology Inc -0.6%. Global chip sales fell year-over-year for a seventh straight month in July, down -15.5% year-on-year to US$33.4B according to figures released by the Semiconductor Industry Association late Tuesday (3 September). July sales were worst in the Americas, with a -27.8% drop, followed by China, where sales fell -14.1% from a year ago.