Finance
Stocks get whacked after Tencent’s rare profit decline raises growth concerns
Stocks fell Wednesday after the Chinese technology giant Tencent
reported a rare profit decline. Technology and energy companies
took the biggest hits following the disappointing earnings
report, which stoked fears of slowing growth. The dollar rose,
and Treasury yields fell.
Here’s the scoreboard:
Dow Jones industrial
average: 25,161.45 −138.47 (-0.55%)
S&P
500: 2,818.98 −20.98
(-0.74%)
Nasdaq
Composite: 7,774.93 −95.96
1.22%)
- Amid escalating tensions between Washington and Ankara,
Turkey hiked tariffs on American imports including
vehicles, tobacco and alcohol. The Trump
administration had last week announced it would double tariffs
on Turkish steel and aluminum. Following Turkey’s announcement,
the country secured
a $15 billion investment from Qatar. - Federal securities regulators
sent
subpoenas to Tesla after CEO Elon Musk tweeted about plans
to take the company private last week. “Am
considering taking Tesla private at $420. Funding secured,”
Musk said in the tweet that is under scrutiny for possibly
breaking federal securities law. Goldman Sachs is advising Musk
on his privatization plans. - US retail activity sped up more than expected last
month.
Retail sales jumped a seasonally adjusted 0.5% in July from
a month before, the Commerce Department said, beating economist
forecasts for a 0.1% rise. - Earnings season rolls on.
Tencent reported its first profit decline in 13 years.
Macy’s
disappointed with a decline in total sales. Uber, a private
company, narrowed its losses from a year earlier but still saw
slowing growth.
And a look at the upcoming economic calendar:
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