The steep and accelerating selloff that pushed the benchmark Standard & Poor’s 500 index into its worst week in almost four years may say more about the outlook for emerging markets than the U.S. companies in the S&P, fund managers and analysts say. China’s economic slowdown, recessions and weak economies in Latin American countries such as Brazil and Chile and a breakdown in commodity prices are prompting traders to overlook improving U.S. economic data, said Alan Gayle, portfolio manager at RidgeWorth Investments.