I recommend my customers use either Cuprinol or CWF-UV for deck finishes.
I do always recommend that the deck completely dry out. this is so important. If the wood is still green and full of liquids when that evaporates it takes the finish with it also.
In Texas, if I build a deck in March, I would not recommend any finish put on until July. The 110 degree heat bakes it and it will then accept the finish.
Your wood was either too wet, this could be from the natural processes or did you have a rain or high humidity, inferior product, or application of multiple coats and not letting the previous coat dry thoroughly.
I would go to Sherwin William's who makes Culprinol and have them come out to see the deck and tell you what happened and how to fix this. They have tec's that do this very thing and they will help you.