PFAS found in zipper supply

Oct. 24, 2023 Updated Tue., Oct. 24, 2023 at 8:17 p.m.

A leading global supplier of zippers discovered PFAS, per- or polyfluoroalkyl substances, in the paint used on some of its products – an example of how difficult it is for companies to remove the toxic chemicals from products ahead of looming U.S. bans.

Tokyo-based YKK Corp. alerted its customers to the PFAS on some waterproof zippers and other products in the first half of the year, although the discovery is only being reported publicly for the first time now.

The company, which supplies zippers to major clothing brands, then spent months trying to eliminate the chemicals – linked to cancer and other health problems – from its supply chain.

“The paint containing PFAS came from multiple suppliers,” Chris Gleeson, vice president of YKK’s global marketing group, told Bloomberg Green. In response, the company consolidated where it buys paint; as of September, YKK had “transitioned to PFAS-compliant paint,” Gleeson added.

For companies using YKK products, the paint news was a setback.

Stocks rose with earnings news

Stocks rose after their longest slide this year, with bond-market volatility abating and traders wading through a raft of earnings for clues on the outlook for Corporate America. Oil slid below $84 a barrel.

The S&P 500 halted a five-day drop while the Nasdaq 100 gained 1%. Bullish forecasts from Verizon Communications Inc., 3M Co. and General Electric Co. lifted the shares.

Meta Platforms Inc. fell after being sued by California and a group of states over harmful youth marketing claims.

Treasury 10-year yields edged lower, following Monday’s intense volatility. Bitcoin briefly topped $35,000.

Investors looking to the earnings season for a dose of good news are hanging their hopes on big tech.

From wire reportsThe five biggest companies in the S&P 500 – Apple Inc., Microsoft, Alphabet, Amazon.com Inc. and Nvidia Corp. – account for about a quarter of the benchmark’s market capitalization.

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