“Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it’s all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it’s a mistake.” ― Yvan Byeajee,

1. U.S. Factory Activity Contracted Again in September — the Institute for Supply Management reported earlier last week its U.S. manufacturing index fell to 47.8 in September from 49.1 in August. The reading is the lowest since June 2009 and represents a continuation of the slowdown seen in August, when the index contracted for the first time since August 2016. The deeper contraction in the manufacturing sector is the latest sign that the escalated trade war between the U.S. and China is taking a big bite from the economy. Manufacturing was once considered a big winner under the Trump administration with improvement in employment and activity over the past few years.
2. Charles Schwab Ending Online Trading Commissions on U.S.-Listed Products — Charles Schwab Corp. said it would eliminate commissions on trades made on its mobile and web channels, rattling the online brokerage industry. Charles Schwab said the move, which is effective Oct. 7, is aimed at making online investing more affordable. It noted that new firms entering the market often use zero or low commissions as a lever. Companies effected are: SCHW, AMTD, ETFC, IBKR.
3. U.S. Factory Activity Contracted — U.S. factory activity contracted for the second straight month in September, hitting a 10-year low and triggering concerns about the economy. Surveys of purchasing managers in Europe and Asia, also released Tuesday, pointed to deepening declines in factory activity last month, as a slowdown in exports hit factories.
4. Online Gaming Flutter Entertainment agreed to buy PokerStars owner Stars Group for about $6 billion — FanDuel owner Flutter Entertainment agreed to buy PokerStars owner Stars Group for about $6 billion. The deal creates an online-gambling giant as internet and app-based betting is taking hold in the U.S. It also connects FanDuel with Fox Corp., which owns a minority stake in Stars and recently launched its own betting app, Fox Bet. Fox Corp. and WSJ parent News Corp share common ownership.
Flutter, based in Dublin and listed in London, owns bookie brands in the U.K. including Paddy Power and Betfair. Flutter’s FanDuel, in addition to its fantasy-sports site, offers online and retail betting in New Jersey and Pennsylvania. Nasdaq-listed Stars Group, based in Toronto, owns popular online poker brands such as PokerStars and Sky Betting & Gaming.

The week ahead — Economic data from Econoday.com: