It's an ugly day for the DJIA, due to manufacturing data in China and at home
The Dow Jones Industrial Average (DJIA) is down big at midday, falling more than 400 points -- and back in correction territory -- in early trading. Fears over China's weak manufacturing data are plaguing stocks, with domestic data doing nothing to turn the tide. Most notably, the Institute for Supply Management revealed the slowest U.S. manufacturing growth since mid-2013. Looking ahead, traders await an afternoon speech from Boston Fed President Eric Rosengren. Meanwhile, crude oil is getting hit hard after yesterday's impressive reversal, with energy leading the broad-market swoon.
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Among the stocks with notable put activity is coal producer Arch Coal Inc (NYSE:ACI), as the shares pare recent gains following news the company is extending the deadline for its debt swap. Puts are crossing at 13 times the normal intraday pace. The January 2016 series is most active, accounting for the three most active contracts.
Energy focus Sunedison Inc (NYSE:SUNE) is one of the few positive stocks on the Big Board today, after billionaire Steve Cohen's hedge fund reported a 5.1% stake in the company. The shares are 7.1% higher at $11.12, bucking the broad-market downtrend for the second straight day.
One of the top losers on the Nasdaq is retailer Dollar Tree, Inc. (NASDAQ:DLTR), after the company posted disappointing second-quarter numbers and a lower-than-expected full-year outlook. The stock was last seen 7.5% lower to trade at $70.54 -- more or less the type of price swing the Street expected.

The CBOE Volatility Index (VIX) has added 2.38 points, or 8.4%, to break above the 30 mark.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.13, with put volume doubling call volume. SPY was last seen 3.8 points, or 1.9%, lower at $193.87.