Execs starting to worry about tariffs’ effects on consumers
NEW YORK (AP) — Americans continue to shop, vacation and buy cars at a brisk clip. But corporate America is starting to worry out loud that President Donald Trump’s tariffs will depress consumer spending and undermine the economy. Home Depot, the nation’s largest home improvement chain, said as much on Tuesday, when it reported higher-than-expected profits for the quarter but cut its sales expectations for the year.
Facebook rolls out tool to block off-Facebook data gathering
SAN FRANCISCO (AP) — Facebook is launching a long-promised tool that lets users block the social network from gathering information about them on outside websites and apps. Facebook said Tuesday that it is adding a place where users can see the activity that Facebook tracks outside its service. If they want, they can turn it off. The feature will be available in South Korea, Ireland and Spain on Tuesday and in other countries later on.
Huawei expects no relief from US sanctions but is confident
SHENZHEN, China (AP) — Huawei’s founder says the biggest impact of U.S. sanctions on the company will be on American vendors that sell it chips and other components. Ren Zhengfei says in an AP interview that he doesn’t expect the curbs on sales of U.S. chips and other technology will end soon due to the political climate in Washington. He said he doesn’t want relief from the U.S. sanctions if it requires China to make concessions in its tariff war with the U.S.
Major US stock indexes finish lower, snapping a 3-day rally
NEW YORK (AP) — Stocks fell broadly on Wall Street Tuesday after another slide in bond yields and a mixed batch of corporate earnings weighed on the market. The selling pulled every major sector lower, snapping a three-day winning streak for the S&P 500. Financial sector stocks bore the brunt of the decline as investors reacted to lower yields. Home Depot climbed after the home improvement retailer reported earnings that topped Wall Street’s forecasts.
Department stores make room for used fashion
NEW YORK (AP) — Department stores that have watched some of their customers flock to second-hand stores are trying to bring them back by partnering with online resale sites. J.C. Penney and Macy’s announced a pilot program to set aside sections inside a few dozen of their stores for used merchandise sold by ThredUP. In April, Neiman Marcus bought a minority stake in Fashionphile. The moves mark the most dramatic evidence of how resale is becoming so mainstream that traditional sellers can no longer ignore it.
Trump looking at tax cut, not fearing recession
WASHINGTON (AP) — President Donald Trump says his administration is a looking at a variety of tax cut proposals but not as a response to a potential recession. He says, “I’m looking at that all the time anyway.” Trump talked about the economy and trade with China during a meeting in the Oval Office with the president of Romania.
US airlines expect record crowds over Labor Day weekend
DALLAS (AP) — If you’re flying over the Labor Day holiday, don’t count on an empty middle seat. The Airlines for America trade group predicts that a record 17.5 million people will fly on a U.S. airline in the seven days from Wednesday, Aug. 28, through Tuesday, Sept. 3. That’s up 4% from a year ago.
Could we BE any more excited? ‘Friends’ fans nuts for merch
NEW YORK (AP) — See your “Friends” on the big screen. Deck out your place with “Friends” furniture. Heck, buy the “Friends” Lego set and pretend it’s for your kid. If you’re a “Friends” superfan, there are lots of ways to celebrate the show’s 25th anniversary in September. Warner Bros. has partnered with a range of companies for pop-ups, jewelry, home decor and a massive three-day Fathom Event in movie theaters to mark the occasion.
Elanco becomes 2nd largest animal health co after $7.6B deal
INDIANAPOLIS (AP) — Elanco Animal Health will spend $7.6 billion to acquire Bayer AG’s veterinary medicines business, which would make it the second-largest animal health company. Elanco said Tuesday that it will pay $5.3 billion, or about 70% of the total price, in cash and the rest in stock. The deal would mean that half of Elanco’s overall business would be in the lucrative pet products market. The other half would be generated by livestock related sales.
Panel takes troubled Dubai developer’s disputes in downturn
DUBAI, United Arab Emirates (AP) — Dubai says it has set up a special committee to “resolve multiple disputes” involving a government-owned developer as it faces a series of lawsuits amid an economic slowdown gripping the city-state. The government’s Dubai Media Office told The Associated Press on Tuesday that the committee of judges will handle all cases against Meydan, a developer whose name graces the Dubai racecourse that hosts horseracing’s richest race.
The S&P 500 fell 23.14 points, or 0.8%, to 2,900.51. The Dow Jones Industrial Average slid 173.35, or 0.7%, to 25,962.44. The Nasdaq, which is heavily weighted with technology stocks, dropped 54.25, or 0.7%, to 7,948.56. The Russell 2000 index of smaller company stocks gave up 10.84 points, or 0.7%, to 1,498.01.