FDA: Oat and soy can be called milk

Soy, oat, almond and other drinks that bill themselves as “milk” can keep using the name, according to draft federal rules released Wednesday.

Food and Drug Administration officials issued guidance that says plant-based beverages don’t pretend to be from dairy animals and that U.S. consumers aren’t confused by the difference.

Dairy producers for years have called for the FDA to crack down on plant-based drinks and other products that they say masquerade as animal-based foods and cloud the real meaning of “milk.”

Under the draft rules, the agency recommends that beverage makers label their products clearly by the plant source of the food, such as “soy milk” or “cashew milk.”

The rules also call for voluntary extra nutrition labels that note when the drinks have lower levels of nutrients than dairy milk, such as calcium, magnesium or vitamin D. They would continue to allow labels that note when plant-based drinks have higher levels. Fortified soy milk is the only plant-based food included in the dairy category of U.S. dietary guidelines because of its nutrient levels.

The new guidelines are aimed at providing consumers clear nutrition information, FDA Commissioner Dr. Robert Califf said in a statement. The draft rules do not apply to nondairy products other than beverages, such as yogurt.

Amazon closes $3.9B One Medical buyout

Amazon said Wednesday it has closed its $3.9 billion acquisition of the primary care organization One Medical.

The e-commerce giant has said the buyout, which was announced in July, is a key component of its growing health care business, which includes its online drugstore Amazon Pharmacy and a patient to doctor messaging service called Amazon Clinic.

One Medical, which was owned by San Francisco-based 1Life Healthcare Inc, has about 815,000 members and 214 medical offices in more than 20 markets. Its membership-based service offers virtual care as well as in-person visits.

The two companies said Wednesday that for the first year, membership will be available to new customers for $144, a 28% discount intended to lure new customers.

Markets see worst drop in months

Stocks stalled in mixed trading Wednesday, a day after falling to their worst loss since December, as Wall Street prepares for interest rates to stay higher for longer.

The S&P 500 dipped 0.2% after drifting between small gains and losses through the day. The Dow Jones Industrial Average slipped 84 points, or 0.3% while the Nasdaq composite edged up by 0.1%.

The yield on the 10-year Treasury is near its highest level since November. It pulled back a bit from its surge Tuesday, dipping to 3.92% from 3.95%. That helped take some pressure off stocks Wednesday.

The two-year yield, which moves more on expectations for the Fed, fell to 4.69% from 4.73%. It’s also been near its highest level since November. If it tops that level, it would be at its highest since 2007.

Charles River Laboratories dropped 10.1% despite topping forecasts for the latest quarter. It said it received a U.S. Justice Department subpoena related to shipments of non-human primates that the company received from its supplier in Cambodia. The company said it voluntarily suspended such shipments, which pushed it to cut its forecast for revenue this upcoming year.

Keysight Technologies tumbled 12.7% for the largest loss in the S&P 500 despite also reporting stronger profit and revenue for the latest quarter than expected. Analysts pointed to its reporting of softer orders than forecast.

On the winning side was Diamondback Energy, which rose 2.3% after it reported a stronger profit for its latest quarter than analysts expected.

Compiled from Associated Press reports.