Business & Finance News
Wells Fargo & Co reported higher quarterly earnings on Tuesday, due in part to lower expenses, but the bank reined in its outlook for cost cuts to invest in improving its risk management.
U.S. stocks were lower on Tuesday as results from big Wall Street lenders rekindled concerns about slowing profit growth in a low interest rate environment, while comments from President Donald Trump on trade also soured the mood.
The UAW and General Motors Co on Tuesday formally kicked off contract talks, with the union’s president calling on the automaker to keep open plants it has slated for closure and to invest in its workforce after the union helped it through a government-led bankruptcy a decade ago.
Several large U.S. retailers recorded higher sales on the first day of Amazon.com Inc’s Prime Day shopping event as online shoppers also flocked to their websites, Adobe Analytics said on Tuesday.
Oil prices turned lower on Tuesday, falling by about $1 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.
U.S. retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the drag on the economy from weak business investment.
Bitcoin fell 8% on Tuesday, breaching $10,000 for the first time in two weeks after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies.
Executives from tech giants Apple Inc, Amazon.com Inc, Facebook Inc and Alphabet’s Google go before the House Judiciary Committee’s antitrust panel Tuesday to discuss competition in online markets.
Johnson & Johnson on Tuesday boosted its 2019 sales forecast amid robust demand for its cancer drugs, but warned that competition from generic and copycat drugs could impact its third-quarter results, sending shares down 1.4% in noon trading.
U.S. stock indexes edged lower on Tuesday as results from Wall Street’s big lenders rekindled concerns about banks coming under pressure to boost profits when the Federal Reserve is seen cutting interest rates as early as this month.
Amazon.com Inc has a promotion for U.S. shoppers on Prime Day, the 48-hour marketing blitz that started Monday: Earn $10 of credit if you let Amazon track the websites you visit.
Several large U.S. retailers recorded higher sales on the first day of Amazon.com Inc’s Prime Day shopping event as online shoppers also flocked to their websites, Adobe Analytics said on Tuesday.
Facebook Inc is “delusional” to believe people will trust it with their money, a U.S. senator said on Tuesday as lawmakers from both sides of the aisle grilled the social media company on its plans for a digital currency at a hearing on Tuesday.
A gauge of global equities edged lower on Tuesday and U.S. Treasury yields climbed as a stronger-than-anticipated report on retail sales raised the possibility that a second rate cut by the Federal Reserve this year could be pushed back by several months.
Oil prices steadied on Tuesday, paring gains as U.S. offshore crude production resumed after Hurricane Barry and tensions between the U.S. and Iran were seen easing.
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