Stocks tumble…Survey: Businesses added just 135,000 jobs in September…Walmart halts sales of Zantac
NEW YORK (AP) – Stocks are tumbling in morning trading on Wall Street as investors head for safer holdings, a day after a dismal manufacturing report sent the market to its sharpest loss in five weeks. Technology stocks are the biggest losers today, led by declines from Microsoft and Apple. The sector has been extremely sensitive to shifts in economic forecasts and swings in the ongoing trade war between the U.S. and China. Banks are also falling as bond yields continue to slide. Lower bond yields force interest rates on loans lower, hurting banks.
WASHINGTON (AP) – A private survey finds that U.S. companies added a modest 135,000 jobs in September, a sign that hiring is slowing as the trade war takes a toll on the economy and employers grow cautious. Payroll processor ADP says hiring has particularly slowed in mining, which actually cut 3,000 jobs, and manufacturing, which added just 2,000. The ADP’s figures don’t include government hiring and frequently diverge from the government’s official report, which is scheduled to be released Friday.
UNDATED (AP) – Walmart has become the latest store to halt sales of the popular heartburn treatment Zantac after health regulators warned about a potentially dangerous contaminant in the drug. The nation’s largest retailer says it has suspended sales of all drugs sold over the counter that include Zantac’s active ingredient, ranitidine. The Food and Drug Administration said last month it detected low levels of a probable cancer-causing chemical in Zantac and related generic drugs to treat ulcers and reflux disease. CVS Health, Walgreens and Rite Aid have already pulled Zantac products from their shelves.
SAN FRANCISCO (AP) – Google is rolling out more tools for users to control their privacy settings. The company and other tech giants are facing increased scrutiny over the amount of data they collect from their users. Google and Facebook both debuted new privacy tools this year. Now, YouTube users will be able to set their search and viewing histories to auto-delete after a set period of time. Google Maps will have an incognito mode, which means a user’s movements won’t be recorded when it’s turned on. It will be available on Android this month. Google also says people will be able to delete their voice histories from artificial intelligence system Assistant using a voice command.
OMAHA, Neb. (AP) – TD Ameritrade is eliminating commissions for online trading of U.S. stocks and exchange-traded funds, following a similar move by Charles Schwab. TD Ameritrade says it will drop its commissions to zero from $6.95 tomorrow – four days ahead of Schwab – for online trading of stocks and ETFs listed in the U.S. and Canada.