The steep selloff that pushed down the benchmark Standard & Poor’s 500 index five percent over three days may say more about the outlook for emerging markets than U.S. companies in the fourth quarter, fund managers and analysts say. China’s economic slowdown, recessions in Latin American countries such as Brazil and Chile, and a breakdown in commodity prices – combined with a thinly-traded market as many investors become more focused on tide charts than trading terminals – are prompting traders to overlook improving U.S.