US stocks on pace for the worst opening day in 84 years

S&P 500 down as much as 2.2%

If the market closes around these levels, it will be the worst start since 1932, according to Reuters reporter Jamie McGeever.

That year trading also started on January 4 and the Dow fell a China-style 8.1% that day.

The ISM manufacturing data and construction spending report sent a chill through markets but the S&P 500 has 'bounced' back to just a 38 point loss from as much as 45 points.