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Aurora Cannabis says it currently has no partnership with a beverage company

10 min ago

Aurora Cannabis Inc. said Tuesday, in response to a regulator's request for comment regarding media reports, that it currently had "no agreement, understanding or arrangement" with respect to a partnership with a beverage company. The stock rallied 5.3% in morning trade. On Monday, the stock soared 18% after a report that Coca-Cola Co. had been in talks with the company. Coke had declined to comment, but confirmed it was closely watching the growth of non-psychoactive CBD as an ingredient in beverages. On Tuesday, Aurora said its policy is not to comment on speculative media reports, but the Investment Industry Regulatory Organization of Canada (IIROC) requested a comment. Aurora's U.S.-listed shares have run up 18% over the past three months, while Coke shares have gained 6.1% and the Dow Jones Industrial Average has tacked on 4.6%.

Dollar Tree to close Family Dollar HQ, offer relocation to 700 employees

1 hour ago

Dollar Tree Inc. said it will close its headquarters facility in Matthews, North Carolina, as it continues to the integration of Family Dollar after the acquisition of the fellow discount retailer. Dollar Tree said the Family Dollar's distribution center in Matthews will remain open. The company said it continues to consolidate store support centers in Matthews and Chesapeake, Virginia to Dollar Tree's completed office tower in Chesapeake. The company said it offered about 700 employees opportunities to relocate. Family Dollar's headquarters and the new Dollar Tree office building in Chesapeake are over 5 hours away by car, according to Google Maps. Dollar Tree's stock was up 0.9% in morning trade. It has rallied 16% year to date, while the S&P 500 has gained 8.4%.

Google denies building customized appliances to compete with Nutanix

1 hour ago

Alphabet Inc.'s Google on Tuesday denied that it was building customized appliances to compete with Nutanix Inc. in hyperconvergence, following a Monday report in the Information indicated that the company was working custom computers that combine server, storage, and networking. "We can confirm that we are not building customized appliances for external sale," the company said in a statement provided to MarketWatch. "We value our partnerships highly and can also confirm that we are not competing with our partners in this area." Nutanix stock initially sold off after the report came out on Monday, but it rallied 4.5% in morning trade Tuesday. Several analysts dismissed the Google threat and reiterated their bullish views of Nutanix earlier in the morning. Nutranix's stock has tumbled 23.5% over the past three months but was still up 38.5% year to date, while the S&P 500 has gained 4.6% over the past three months and 8.5% this year.

Stocks open slightly higher in effort to shrug off U.S.-China trade tensions

1 hour ago

Stocks opened slightly higher Tuesday as investors attempted to look past the intensifying U.S.-China trade battle. The Trump administration on Tuesday followed through on a threat to impose tariffs on an additional $200 billion of Chinese imports, prompting Beijing to vow retaliation. The S&P 500 rose 0.1% to 2,892.22, while the Dow industrials rose 37.96 points, or 0.1%, to 26,100.08. The Nasdaq Composite gained 0.2% to 7,909.41.

Boston Properties boosts dividend by 19%, the biggest increase in its history

1 hour ago

Boston Properties Inc. said Tuesday it will raise its quarterly dividend by 19% to 95 cents a share from 80 cents a share, which the real estate investment trust said was the biggest quarterly increase in its history. The new dividend will be payable Oct. 31 to shareholders of record on Sept. 28. Based on Monday's stock closing price of $127.01, the new annual dividend rate implies a yield of 2.99%, compared with the SPDR Real Estate Select Sector ETF yield of 3.12% and the implied yield for the S&P 500 of 1.87%, according to FactSet. Boston Properties stock has climbed 6.9% over the past three months, while the REIT ETF has advanced 7.3% and the S&P 500 has gained 4.2%.

Netflix's stock bounces after strong Emmy showing

1 hour ago

Netflix Inc.'s stock bounced 1% in premarket trade Tuesday, after slumping 3.9% in the previous session, in the wake of the streaming video service's strong showing at the Emmy awards, in which it tied with AT&T Inc.'s HBO for the most Emmy wins. Separately, Netflix said Tuesday that it appointed Mathias Dopfner, chief executive of Germany-based publishing giant Axel Springer SE , to its board of directors. Netflix's stock has lost 10.3% over the past three months, while the Nasdaq Composite has edged up 1.9% and the S&P 500 has gained 4.2%.

Macy's partnering with Facebook to bring e-commerce brands to stores

2 hours ago

Macy's Inc. is partnering with Facebook Inc. to bring nearly 150 brands to The Market @ Macy's in nine stores during the holidays. The Market brings brands to some of the department store retailer's most trafficked stores, and the Facebook partnership will add small businesses and e-commerce brands to physical locations. The company is also expanding the virtual and augmented reality furniture shopping experience to 69 stores nationwide by early November. During the pilot, Macy's found that the tech addition grew the average basket size by more than 60%. And use of the VR installation lowered the number of returns. Macy's has added virtual mirror technology that showcases more than 250 beauty products, and they're testing it for the mobile app, and technology is being used to enhance training of beauty associates. Radio-frequency identification (RFID) is getting a boost to improve store operations. Macy's shares have rallied 39.6% for the year to date, outpacing the S&P 500 index , which is up 8.1% for the period.

Micron target lowered at Cowen; analyst calls sentiment 'dreadful' ahead of earnings

2 hours ago

Cowen & Co. analyst Karl Ackerman lowered his price target on shares of Micron Technology Inc. to $62 from $72 overnight, though he kept his outperform rating intact. "Investor sentiment is dreadful going into the company's print Sept. 20 after market close, but we cannot dismiss incremental risk in H2 of this year as our field trip in Asia last week reveals a less benign supply/demand environment for DRAM," Ackerman wrote. "We expect Micron to guide below for the first time in 8 quarters, but this appears priced-in." Also on Tuesday, J.P. Morgan reiterated its bullish view on the stock. Shares are up 0.7% in premarket trading Tuesday, though they're down 25% over the past three months. The S&P 500 has gained 4.2% in that time.

Cracker Barrel shares sink after earnings and sales miss

2 hours ago

Cracker Barrel Old Country Store Inc. shares sank 6.1% in Tuesday premarket trading after it reported fiscal fourth quarter earnings and sales that missed expectations. Net income totaled $61.4 million, or $2.55 per share, up from $53.9 million, or $2.23 per share, for the same period last year. Adjusted EPS was $2.19. Revenue was $810.9 million, up from $743.2 million in the prior year. Same-restaurant sales fell 0.4%, and same-store sales rose 1.3%. The FactSet consensus was for EPS of $2.69, revenue of $825.0 million, same-restaurant sales growth of 1.9%, and same-store sales growth of 1.8%. "Our traffic was challenged, particularly with lighter users and during the dinner daypart, some of which was attributable to our menu and marketing promotion not delivering the anticipated topline traffic and sales," said Chief Executive Sandra Cochran in a release statement. Restaurant traffic was down 3.5%. For fiscal 2019, Cracker Barrel expects revenue of $3.04 billion, and both same-restaurant sales and same-store sales in the range of flat to up 1%. The FactSet guidance is for sales of $3.08 billion, same-restaurant sales growth of 1.9% and same-store sales growth of 1.2%. Cracker Barrel shares are down 5.1% for the year to date while the S&P 500 index has gained 8.1% for the period.

Nutanix stock defended by analysts amid concern of new Google competition

2 hours ago

Share of Nutanix Inc. are up 6% in premarket trading Tuesday after several analysts defended the company following its 12% plunge in Monday's session. The stock sold off Monday in part after a report from The Information indicated that Alphabet Inc.'s Google might be working on a competing hyperconvergence product. "While the potential offering could be viewed as competitive to Nutanix (if it is sold commercially), we believe most enterprises will choose to leverage a multi-cloud infrastructure and would not want to be locked into single cloud provider," wrote Piper Jaffray analyst Andrew Nowinski. "As such, we believe the selling pressure attributed to this report is excessive." He reiterated his overweight rating and $66 price target. Needham analyst Jack Andrews deems it unlikely that Google is working on a competitive offering given that Google and Nutanix formally agreed to a partnership more than a year ago. He titled his note: "Unfounded Media Rumors Create Buying Opportunity." Andrews has a buy rating and $71 target price on the stock, which has gained 104% over the past 12 months as the S&P 500 has risen 15%.

UPDATE: Viking Therapeutics stock rockets 140% after positive trial of non-alcoholic fatty liver treatment

2 hours ago

Viking Therapeutics Inc. stock rocketed 140% in premarket trade Tuesday, after the company reported positive results in a mid-stage trial of a treatment for non-alcoholic fatty liver disease, or NAFLD. The San Diego-based biotech said the Phase 2 trial of VK2809, its novel liver-selective thyroid receptor beta agonist, in patients NAFLD and elevated low-density lipoprotein cholesterol met its primary goal of reducing LDL-C compared with placebo. It also met its secondary endpoint of showing significant reductions in liver fat content. Madrigal Pharmaceuticals Inc. , a rival company working on the same class of drug, had shares drop 12.5% in premarket trade. Viking shares have gained 156% in 2018 through Monday, while the S&P 500 has gained 8%.

AMD, Nvidia stocks gain after Mizuho hikes target

2 hours ago

Shares of Advanced Micro Devices Inc. are up 1.6% in premarket trading Tuesday after Mizuho analyst Vijay Rakesh raised his price target to $36 from $20 overnight. He is increasingly upbeat about the stock following meetings with original equipment manufacturers and distributors in the PC supply chain. He thinks it's possible the company will endure "some near-term bumps" but is optimistic about the company's Epyc server ramp and its ability to capitalize on the fact that Intel Corp. is still in flux without a chief executive. Rakesh also raised his price target on Nvidia Corp.'s stock to $295 from $280 after his supply-chain meetings. Nvidia's stock is up 0.5% in premarket trading. AMD shares have gained 148% over the past 12 months, while the S&P 500 has risen 15%.

Micron's stock gains after J.P. Morgan dispels recent fears, sees stock nearly doubling

3 hours ago

Shares of Micron Technology Inc. rose 0.5% in premarket trade Tuesday, after J.P. Morgan analyst Harlan Sur suggested recent growing bearish sentiment was unwarranted, saying in a note to clients that he continues to see "significant upside" in the memory chip maker. He reiterated his overweight rating and $84 stock price target, which is 93% above Monday's closing price of $43.58. Sur said recent sentiment was based on fears of peak pricing in the second half of 2018 and a downturn cycle in 2019, but he expects supply and demand fundamentals to remain in balance, as suppliers remain rational in adding bit supply and demand for memory remains "strong and broad based." He expects particularly strong datacenter demand, which is Micron's largest end market. "Moreover, we believe Micron is structurally better positioned to compete in memory markets moving forward with a much improved cost structure on better manufacturing execution (node transitions) versus prior cycles," Sur wrote. Micron is slated to report fiscal fourth-quarter results after Thursday's closing bell. The stock has tumbled 25.4% over the past three months, while the PHLX Semiconductor Index has slipped 3.6% and the S&P 500 has gained 4.2%.

Thor Industries to acquire Erwin Hymer in deal valued at 2.1 billion euros

3 hours ago

Thor Industries Inc. said Tuesday it has agreed to acquire privately held Erwin Hymer Group in a cash and stock deal with an enterprise value of 2.1 billion euros ($3.6 billion). The transaction will create the world's biggest manufacturer of recreational vehicles, the companies said in a statement. Thor is expecting the deal to boost earnings in the first year and to close before year-end. The equity consideration will consist of about 2.3 million Thor shares and the company will buy back some of its shares after closing to offset the issuance of new shares to the Hymer family. Erwin Hymer is expecting to generate revenue of more than EUR2.5 billion in fiscal 2018 to end August via its network of more than 1,200 retail dealerships. Thor shares fell 0.7% premarket, and are down 35% in 2018 through Monday, while the S&P 500 has gained 8%.

BorgWarner's stock falls after profit and sales guidance cut

3 hours ago

Shares of BorgWarner Inc. dropped 3.5% in premarket trade Tuesday, after the auto-parts maker cuts its full-year earnings and sales outlook, as a result of "changing industry conditions." The company lowered its earnings-per-share guidance range to $4.35 to $4.40 from the $4.45-to-$4.50 provided in late July, and cut its net sales outlook to $10.49 billion to $10.58 billion from $10.64 billion to $10.75 billion. The company said the revised outlook is due to weaker industry volumes, primarily in China, and additional "short-term issues" in Europe. Third-quarter adjusted EPS is expected to be 98 cents to $1.00, below the FactSet consensus of $1.05. Separately, the company said it expects to be overweight hybrid and electric volumes by 2023, and expects 2023 revenue of about $14.0 billion, compared with the 2018 FactSet consensus of $10.74 billion. The stock has shed 8.0% over the past three months, while the S&P 500 has gained 4.2%.

General Mills tops profit estimate as sales fall slightly short

3 hours ago

General Mills Inc. said Tuesday it had net income of $392.3 million, or 65 cents a share, in its first fiscal quarter ended Aug. 26, down from $404.7 million, or 69 cents a share, in the year-earlier period. Adjusted per=share earnings came to 71 cents, ahead of the FactSet consensus of 64 cents. Sales rose to $4.09 billion from $3.77 billion, below the FactSet consensus of $4.12 billion. The company said it is sticking with its full-year guidance and on track with its Consumer First strategy, which aims to drive growth at its four growth platforms, including Häagen-Dazs ice cream, snack bars, Old El Paso Mexican food, and a portfolio of natural and organic food brands. That strategy is combined with acquisitions and divestitures, such as the recent acquisition of Blue Buffalo, a natural pet food company. Fiscal 2019 sales are expected to rise 9% to 10%, including Blue Buffalo. Shares were up 0.8% premarket, but are down 19% in 2018, while the S&P 500 has gained 8%.

AutoZone's stock sinks after profit beats but sales miss

3 hours ago

Shares of AutoZone Inc. sank 5.1% toward a 7-week low in premarket trade Tuesday, after the auto-parts retailer reported a fiscal fourth-quarter profit that beat expectations, but sales that missed. Net income for the quarter to Aug. 25 fell to $400.3 million, or $15.02 a share, from $433.9 million, or $15.27 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $18.54, above the FactSet consensus of $17.99. Sales rose to $3.56 billion from $3.51 billion, but was just shy of the FactSet consensus of $3.60 billion, as the 2.2% growth in same-store sales was below expectations of a 2.5% rise. Inventory increased 1.6%, while inventory per location fell to $636,000 from $644,000. The stock has gained 5.1% year to date through Monday, while the S&P 500 has advanced 8.1%.

Sempra Energy to add board members in pact with activist shareholders Elliott, Bluescape

4 hours ago

Sempra Energy said Tuesday it has reached an agreement with activist shareholders Elliott Management and Bluescape Energy Partners LLC, which between them own a 4.9% stake in Sempra valued at $1.6 billion. The parties have agreed to appoint two new directors to Sempra's board that are mutually agreed on. Sempra will refocus its LNG Construction and Technology Committee into a new LNG and Business Development Committee, comprising its three current members and the two new directors. "The LNG and Business Development Committee's updated charter calls for it to work with management and the board in leading a comprehensive review of Sempra Energy's businesses," the company said in a statement. Sempra will update the market on the results of the strategic review and any planned actions in the first quarter of 2019. "Sempra Energy is committed to an open dialogue with our shareholders and to considering all investor perspectives on the company's existing strategy and longer-term opportunities to create shareholder value," Chief Executive Jeffrey Martin said in the statement. Shares were not yet active premarket, but have gained 11% in 2018, while the S&P 500 has gained 8%.

Visa, Mastercard settle U.S. retailers class-action suit

4 hours ago

Visa Inc. and Mastercard Inc. said Tuesday they have agreed to settle a class-action lawsuit brought by U.S. retailers in 2005 for a proposed settlement amount of $6.2 billion. Visa's stock was up 0.4% in premarket trade and Mastercard shares gained 0.5%. Visa said its share represents $4.1 billion, which will be satisfied through funds deposited with the court plus $600 million deposited into its litigation escrow on June 28. "No additional funds are required for this class settlement," Visa said in a statement. "Visa's share is covered under its U.S. Retrospective Responsibility Plan, which was created to insulate the company and class A shareholders from financial liability for certain litigation cases." Mastercard said its share of the financial agreement is an additional $108 million; in total the defendants have agreed on an additional payment of $900 million. "The company recorded a $210 million charge in its second-quarter 2018 financial statements, which will cover the financial obligation under this agreement and for estimated liabilities related to filed and anticipated opt-out merchant cases," Mastercard said in a statement. Year to date, Visa shares have rallied 28%, Mastercard's stock has run up 43% and the Dow Jones Industrial Average has tacked on 5.4%.

Trump calls for release of text messages from James Comey and others he's attacked

17 hours ago

President Trump has directed the Justice Department to release all text messages relating to the Russia investigation from a group he's accused of bias including former FBI Director James Comey, former Deputy Director Andrew McCabe and Bruce Ohr, the Department of Justice official who is the wife of a contractor for Fusion GPS. Many of the text messages from FBI agents Peter Strzok and Lisa Page have already been released, but he now has called for the public release of all of them that relate to Russia without redaction. According to a statement from the press secretary, Trump also has ordered the declassification of part of the FISA application for Carter Page -- a foreign-policy adviser to the campaign who the FBI surveilled to investigate the campaign's connections to Russia -- and FBI interviews conducted by Ohr about Russia.

Amazon to launch Alexa-powered microwave, other gadgets: report

17 hours ago Inc. expects to launch a line of new devices that can be controlled by its Alexa voice assistant after the success of its Echo smart speakers, according to a Monday afternoon report. CNBC reported that Amazon plans to launch at least 8 new voice-controlled devices by the end of the year, and could show them off at an event later this month, citing anonymous sources and an internal document. Devices mentioned included a microwave oven, other speaker-adjacent items such as an amplifier and a subwoofer, and an "in-car gadget." Amazon shares were up about 0.4% in late trading Monday, after closing with a 3.2% decline at $1,908.03. The stock has gained 63.2% so far this year, as the S&P 500 index has gained 8.7%

Univar to buy Wilbur Ross's Nexeo for $2 billion

18 hours ago

Univar Inc. said Monday that it planned to acquire Nexeo Solutions Inc. for $2 billion in cash and stock, valuing the company at $11.65 a share. Nexeo shares closed at $10.01, and were halted early in the after-hours session ahead of the announcement. Nexeo, which distributes chemicals and plastics, was previously acquired for about $1.6 billion in 2016 by a company run by Wilbur Ross, who has since become the U.S. secretary of commerce. Under the terms of the deal, "We expect the transaction to be accretive to earnings and cash flow beginning in the first full year post closing and to generate $100 million of annual run rate cost savings by the third year following close and reduce annual capital expenditures by $15 million immediately," Univar Chief Executive David Jukes said in the announcement. Univar plans to pay 0.305 shares of Univar common stock and $3.29 in cash for each Nexeo share, and assume debt. The deal has been approved by the boards of both companies, and they expect it to close in the first half of 2019. Univar shares gained about 1% in late trading after detailing the deal, while Nexeo stock jumped 15% to approach the listed acquisition price after shares began trading again at 4:35 p.m. Eastern time.

Nestlé to sell Gerber Life Insurance for $1.55 billion

18 hours ago

Nestlé SA late Monday said it has agreed to sell the Gerber Life Insurance Co. to Western & Southern Financial Group for $1.55 billion in cash. Gerber Life is "a highly recognized and trusted leader" in the juvenile and family life insurance market that had sales of $856 million in 2017, the food giant said. The deal allows Western & Southern Financial to market insurance products under the Gerber Life brand. The deal does not include Nestlé's Gerber products business, the baby food and baby care brand, which Nestlé will continue to develop, the company said. Nestlé said in February it was looking for options for Gerber Life. The deal is expected to close late this year or early 2019, the company said.

Symantec makes deal with Starboard for new board members

18 hours ago

Symantec Corp. announced Monday afternoon that it had reached a deal with activist investor Starboard Value LP for new board members. Symantec appointed three new directors, including Starboard managing member Peter Feld, to the board, and said it would negotiate with Starboard for one more member to be named after its annual meeting. Starboard had challenged Symantec by nominating five directors for a vote at the security-software company's annual meeting. Symantec said two directors, Steve Miller and Gerry Laybourne, will not stand for re-election at the annual meeting, and the board would eventually have 13 members after the pending appointment. Also named to the board Monday were former McAfee executive Dale Fuller and former Novellus Systems Inc. Chief Executive Richard Hill. Symantec stock has struggled since the company disclosed an investigation into whistleblower claims about its finances in May. The stock has fallen 27.7% in the past six months, as the S&P 500 index has gained 5.6%.

FedEx misses adjusted EPS expectations but revenue tops views

18 hours ago

Shares of FedEx Corp. fell more than 2% in the extended session Monday after the company missed expectations for fiscal first-quarter adjusted earnings but reported revenue above forecasts. FedEx also raised its full-year 2019 outlook. The company said it earned $835 million, or $3.10 a share, in the quarter, compared with $596 million, or $2.19 a share, in the year-ago period. Adjusted for one-time items, FedEx earned $933 million, or $3.46 a share, compared with $683 million, or $2.51 a share, a year ago. Revenue rose to $17.1 billion, compared with $15.4 billion a year ago. Analysts polled by FactSet had expected the logistics company to report adjusted earnings of $3.80 a share on sales of $16.9 billion. "FedEx delivered higher first-quarter earnings driven by solid execution of our business plan and a strong U.S. economy," Chief Executive Frederick W. Smith said in a statement. The company said it expects fiscal 2019 adjusted earnings between $15.85 and $16.45 a share, compared with a prior expectation of adjusted earnings between $15.65 and $16.25 a share. FedEx shares ended the regular trading day up 0.1%.

Oracle shares drop as cloud miss weighs on revenue

18 hours ago

Oracle Corp. shares dropped in the extended session Monday after the enterprise software giant topped Wall Street earnings estimates but revenue fell short, including that for cloud services. Oracle shares fell 5% after hours, following a 0.1% decline to close the regular session at $49.19. The company reported fiscal first-quarter net income of $2.27 billion, or 57 cents a share, compared with $2.14 billion, or 50 cents a share, in the year-ago period. Adjusted earnings were 71 cents a share. Revenue rose to $9.19 billion from $9.1 billion in the year-ago period. Analysts surveyed by FactSet had estimated 68 cents a share on revenue of $9.24 billion. Oracle reported cloud services and license support revenue of $6.61 billion for the quarter, when analysts were looking for $6.68 billion.

Theresa May says U.K. lawmakers must accept her Brexit deal or nothing

18 hours ago

British Prime Minister Theresa May told the BBC that U.K. members of parliament must choose between her outline for a controversial deal with Brussels on exiting from the European Union or no deal at all. In an interview with the BBC's Panorama program that aired Monday, May said that if parliament doesn't ratify her plan, known as the Chequers plan, "I think that the alternative to that will be having no deal." A so-called no-deal Brexit would see the U.K. leave the EU on March 29 with no agreement in place on trade and other issues. The British pound rose 0.7% to $1.3161 on Monday, lifted by optimism over U.K.-EU Brexit talks.

Dow halts 4-session win streak and Nasdaq logs worst day since July as China tariff spat rattles market

18 hours ago

The Dow Jones Industrial Average on Monday ended a four-session string of gains to finish lower and the Nasdaq booked its sharpest decline since July 27 as fears about intensifying tariff disputes between China and the U.S. rattled investors. The Dow Jones Industrial Average declined 93 points, or 0.4%, at 26,062, the S&P 500 index declined by 0.6% at 2,888, halting a five-session win streak, while the Nasdaq Composite Index marked its worst daily decline since July 27, down 1.4% at 7,896. The Trump administration is planning to unveil new tariffs on $200 billion in Chinese products entering the U.S., and Beijing is debating new ways to retaliate against U.S. corporations. Late Monday, Trump signaled that an announcement on tariffs, which have been a key driver of market sentiment, took a leg lower. Among the day's worst performers were Apple Inc. , down 2.7%, and Inc. , off by 3.2%, representing the two largest and most influential companies in the world.

Nasdaq's late-Monday tumble puts the stock gauge on the brink of slipping below a key trend line

19 hours ago

A late-Monday slump in the Nasdaq Composite Index put the equity index on the brink of slipping beneath its short-term 50-day moving average. The Nasdaq was most recently down 1.4% at 7,901, holding just slightly above its 50-day moving average at 7,875.15, according to FactSet data. The technology-centric index has been down in three of the past four sessions and was on track of its worst decline since late July. Concerns about the impact of large-capitalization tariffs in a feud between China and the U.S. has been the biggest headwind for the benchmark. Stocks took a leg lower Monday after a late-afternoon comment from President Donald Trump during a brief with reporters. "We're going to be announcing something and it will be a lot of money coming into the coffers of the United States of America," he said. The Dow Jones Industrial Average was down 110 points, or 0.4%, at 26,046, while the S&P 500 index declined by 0.6% at 2,887.

Dow sinks 110 points, Nasdaq falls 1.4% as Trump says China tariff announcement is imminent

19 hours ago

U.S. stock indexes hit their lowest level of a downbeat session on Monday afternoon after President Donald Trump said an announcement on trade with China would come after the regular close of trading. The Dow Jones Industrial Average gave up about 112 points to 26,043, the S&P 500 index fell 0.6% at 2,888, while the Nasdaq Composite Index retreated by 1.4% at 7,895. The declines followed a late-afternoon comment from Trump during a brief with reporters. "We're going to be announcing something and it will be a lot of money coming into the coffers of the United States of America," he said. China said it may decline a White House offer for renewed trade talks if President Donald Trump carries out the tariff threat. "China is not going to negotiate with a gun pointed to its head," a senior Chinese official told the Wall Street Journal. The Journal reported that Wall Street Journal reported that the Trump administration plans to announce new tariffs of around 10% on $200 billion worth of Chinese products on top of billions of dollars of tariffs that have already been levied.