U.S. Stocks Slip on Weak China Data; Deutsche Bank Implements Hiring Freeze

U.S. stocks, moved lower on Thursday, following a 10% drop in China's exports in September, while analysts were expecting a 3.2% decline.

Author:: Scott Gamm
Publish date:: Oct 13, 2016 9:53 AM EDT

U.S. stocks moved lower on Thursday, following a 10% drop in China's exports in September, while analysts were expecting a 3.2% decline. Plus, Wells Fargo (WFC) - Get Report CEO John Stumpf is retiring amid the company's fake bank account scandal. He is being replaced by COO Tim Sloan, a veteran of Wells Fargo. Deutsche Bank (DB) - Get Report is initiating a hiring freeze, according to media reports, as questions surface about its financial health. The U.S. Justice Department is seeking a $14 billion settlement from toxic mortgage related securities the bank sold leading up to the financial crisis. Pfizer (PFE) - Get Report shares were downgraded to HOLD from BUY by the analysts at Jefferies, who have a $36 price target. The stock currently trades near $33. Jefferies cited diminishing catalysts for the stock over the long-term. TheStreet's Scott Gamm reports from Wall Street.