Stocks end lower following worst ISM reading in a decadeStocks looked in the early going like they might start the fourth quarter on an up note, but the major averages moved into the red after the ISM manufacturing index for September came in much softer than expected. The downbeat manufacturing data re-ignited worries about a global growth slowdown being a headwind for the U.S. and the market showed little signs of risk appetite for the remainder of what was a quiet session. ECONOMIC EVENTS: In the U.S., the ISM manufacturing index fell from 49.1 to 47.8 in September, which was weaker than expected and represents the worst reading over the past 10 years. Markit's manufacturing PMI rose to 51.1 in the final reading for September, up from 50.3 in August and the preliminary September reading of 50.1. Construction spending inched up 0.1% in August after an unchanged reading in July. TOP NEWS: Charles Schwab (SCHW) announced that the company will reduce U.S. stock, ETF and options online trade commissions from $4.95 to zero, across all mobile and web trading channels, starting October 7. The news sunk the company's stock, but took an even bigger bite out of the shares of its competitors. Schwab shares finished 9.7% lower, while TD Ameritrade (AMTD) fell 25.8% and E-Trade Financial (ETFC) dropped 16.4%. In audio obtained by The Verge from open meetings with Facebook (FB) employees back in July, Mark Zuckerberg was quoted as having said: "You have someone like Elizabeth Warren who thinks that the right answer is to break up the companies... if she gets elected president, then I would bet that we will have a legal challenge, and I would bet that we will win the legal challenge. And does that still suck for us? Yeah. I mean, I don't want to have a major lawsuit against our own government. But look, at the end of the day, if someone's going to try to threaten something that existential, you go to the mat and you fight." In response, the presidential candidate said via Twitter that, "What would really 'suck' is if we don't fix a corrupt system that lets giant companies like Facebook engage in illegal anticompetitive practices, stomp on consumer privacy rights, and repeatedly fumble their responsibility to protect our democracy." Warren added that she is "not afraid to hold Big Tech companies like Facebook, Google [GOOG; GOOGL], and Amazon [AMZN] accountable." Meanwhile, General Motors (GM) shares fell 3.7% after the United Auto Workers union said that the car maker's new contract proposal "did not satisfy" the demands of the union members, adding that it has submitted a new counterproposal to the company. The news comes after the Associated Press reported that the parts shortage caused by the UAW strike has led to the car maker shutting down pickup truck and transmission factories in Mexico. GM spokesman Dan Flores confirmed the shutdown to AP, which noted that 6,000 workers were affected by the closure. MAJOR MOVERS: Among the noteworthy gainers was U.S. Steel (X), which rose 3.3% after announcing a joint venture partnership agreement under which it has taken the first step towards acquiring Big River Steel. U.S. Steel has purchased a 49.9% ownership interest at a price of approximately $700M in cash, with a call option to acquire the remaining 50.1% within the next four years. Also higher was McCormick (MKC), which gained 6.9% after reporting quarterly results. Among the notable losers was Minerva Neurosciences (NERV), which fell 26.3% after it provided an update on its Phase 2 trial of seltorexant. Also lower was Bausch Health (BHC), which slid 10% after it filed a patent infringement lawsuit against Novartis' (NVS) Sandoz. INDEXES: The Dow fell 343.79, or 1.28%, to 26,573.04, the Nasdaq lost 90.65, or 1.13%, to 7,908.68, and the S&P 500 declined 36.49, or 1.23%, to 2,940.25. Symbols: $SCHW $AMTD $ETFC $FB $GOOG $GOOGL $AMZN $GM $X $MKC $NERV $BHC $NVSSource: (thefly.com)Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.