Disappointing manufacturing data in China weighed the markets down to a sharply lower open with the Dow plummeting 185 points to 17,705. Nasdaq plunged 60 points to 4,757.

On the upside

AXT (Nasdaq: AXTI) swung to a better than expected profit for the first quarter.

Mallinckrodt (NYSE: MNK) reported higher second quarter earnings that surpassed expectations by a wide margin prompting the company to lift its full year forecast.

First quarter earnings rose for The Chemours Company (NYSE: CC).

On the downside

Community Health Systems (NYSE: CYH) disappointed with sharply lower first quarter earnings.

On Deck Capital (NYSE: ONDK) widened first quarter losses more than expected and forecast current quarter as well as full year revenue that fell short of expectations prompting downgrades.

K2M Group Holdings (Nasdaq: KTWO) reported a wider than expected loss for the first quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 dropped 14 points to 2,067. Bitcoin rose $3 to $447.