Stocks Opened Lower on Global Growth Fears

U.S. stocks opened lower on Friday as weak manufacturing data from China spooked investors already worried about global growth. The Dow Jones industrial average lately fell 157.61 points, or 0.93%, to 16,833.08. The S&P 500 lost 18.38 points, or 0.90%, to 2,017.35 and the Nasdaq composite dropped 46.46 points, or 0.95%, to 4,831.03.

An early gauge of China’s factory activity fell to a six-and-a-half year low in August despite China’s efforts to reinvigorate slowing growth.T he preliminary Caixin China Manufacturing Purchasing Managers’ Index, a gauge of nationwide manufacturing activity, fell to a 77-month low in August of 47.1, compared with a final reading of 47.8 in July, Caixin Media Co. and research firm Markit said Friday.

Deere & Co (DE.) on Friday reported that third-quarter profit tumbled 40 percent on weak demand for agricultural equipment, overall lower shipment volumes and a stronger dollar, and gave a bleaker forecast for fourth-quarter sales. Net income slid to $511.6 million, or $1.53 per share, from $850.7 million, or $2.33 per share, a year earlier. Total revenue declined 20 percent to $7.59 billion.

With the 10th anniversary of Hurricane Katrina approaching, Wal-Mart is announcing a $25 million, five-year commitment to support disaster recovery efforts around the world.

Google Inc. (GOOGL) has separated its experimental life sciences division, currently developing next-generation health products in the nanodiagnostics space such as glucose-reading smart contact lenses, into a separate entity under its newly- developed umbrella company, Alphabet.

Oil prices resumed their downward trajectory Friday, as markets remain jittery due to concerns about global economic growth. Light, sweet crude futures for delivery in October were off 26 cents, or 0.7%, to $41.05 a barrel on the New York Mercantile Exchange.

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