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US Stocks dropped yesterday, the first trading day of the fourth quarter, as disappointing manufacturing data stoked worries over the U.S. economy.

 

American manufacturers posted the biggest contraction in September since the end of the 2007-2009 recession, reflecting a slowdown in the U.S. and global economies made worse by a tense trade war with China.  The Institute for Supply Management said its manufacturing index fell to 47.8% last month from 49.1%, marking the lowest level since June 2009. That’s when the Great Recession ended.

 

Shares of brokerage firm Charles Schwab tanked more than 9% after announcing its ending commissions for online trading in U.S. stock, ETFs and options. Starting Oct. 7, Schwab will be slashing its trading commission cost from $4.95 to zero. Rival brokerage firm TD Ameritrade plummeted more than 25% and E-Trade shares cratered more than 16% on the news.

 

United Parcel Service won U.S. certification to fly drones under regulations like those for airlines, a milestone that allows the company to vastly expand airborne deliveries.  The Federal Aviation Administration gave UPS permission to use delivery drones at hospital, university and corporate campuses with few restrictions, for example, letting operators fly the aircraft at night and over people
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones

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