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Early NAPM triggers selling
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August 31, 1999: 1:52 p.m. ET
Accidental release of manufacturing data sends stocks sliding
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NEW YORK (CNNfn) - The accidental release of a key manufacturing report a day ahead of schedule jolted Wall Street Tuesday, leaving stocks, bonds and the dollar sharply lower in afternoon trading.
Shortly before 1:30 p.m. ET, the Dow Jones industrial average tumbled 91.82 points to 10,822.31. On the New York Stock Exchange, market breadth was barely negative, with declines ahead of advances by 1,750 to 1,054 as 482 million shares traded.
The Nasdaq composite index fell 26.92 to 2,685.77 and the S&P 500 index shed 11.95 to 1,312.07. (Click here for a look at today's CNNfn market movers.)
Wall Street got spooked when the National Association of Purchasing Management index for August, originally due out Wednesday, was accidentally faxed to subscribers a day early. The index, a key measure of manufacturing activity, showed an increase to 54.2 in August from 53.4 in July.
The index's price component, a gauge of inflationary pressures, jumped 5.1 percentage points in August to 59.8, adding on to the markets' already heightened concern about a possible interest rate increase before the end of the year.
Earlier, stocks got a bout of strength from the release of the consumer confidence index for August, which registered its second straight monthly decline, but still came in above expectations. The Chicago Purchasing Management index also showed a decline in August. The index is considered an important precursor of the NAPM, but its positive effect on the market was erased by the early release of the stronger-than-expected national number.
The bond market also reversed its early gains, tumbling after the NAPM report's accidental release. The bellwether 30-year Treasury bond fell 13/32 of a point in price, its yield rising to 6.08 percent from Monday's 6.06 percent.
The dollar fell against both the euro and the yen.
More selling for stocks
In the stock markets, investors quickly turned from selective buyers to almost indiscriminate sellers, getting rid of financial, technology and other shares.
Among the Dow's financial components, American Express (AXP) shed 1-7/8 to 137-13/16, Citigroup (C) lost 5/8 to 44-1/8 and J.P. Morgan (JPM) dropped 2-3/8 to 128-3/8.
Among the technology leaders, shares of Intel (INTC) lost 1-1/8 to 81-1/8 and Dell (DELL) lost 3/16 to 46-1/8.
But not all high-tech big names were losers, as selective stocks attracted sizable buying.
Shares of Sun Microsystems (SUNW) rallied 2-3/4 to 78-3/8 after the company said it was buying Star Division Corp., a privately held maker of an office software suite that competes directly with Microsoft's Office product. Heating up the competition for office management software, Sun said it will distribute Star's suite free over the Internet.
Merrill Lynch added Sun Microsystems to its "focus one" list of recommended stocks.
Shares of Microsoft (MSFT) lost 1-9/16 to 90-11/16.
In another deal involving two high-tech heavyweights, IBM (IBM) said it had signed a deal to supply Cisco Systems (CSCO) with $2 billion in computers, components and services over the next five years. Shares of IBM, a Dow component, rose 7/16 to 123-5/8, and the stock of Cisco Systems advanced 3/16 to 66-15/16.
Also in the news Tuesday, shares of office supply retailer Office Depot (ODP) inched down 1/16 to 10-7/16 after late Monday the company said its earnings in the second half of the year will fall well below expectations. The stock had fallen sharply in after-hours trading Monday.
Office Depot rival Staples (SPLS) tumbled 1-3/4 to 20-3/16 after PaineWebber downgraded both stocks earlier in the morning. 
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