The Dow Jones News Today: The Dow Jones projected a 175-point decline as markets continue to face trade war pressures. The latest development is that U.S. President Donald Trump wants to block China from investing in American technology firms.
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Markets are increasingly concerned that the United States is on the verge of accelerating a trade war with nations around the globe. President Trump challenged China and other trade partners over the weekend, stating that the nation must reduce its trade barriers or face "reciprocity."
Speaking of China, the world's second-largest economy is preparing for a long-term trade war. The country said that it will free up about $100 billion to help bolster its economy. China plans to boost its economy with a massive stimulus program that will reduce the amount of money that commercial banks must hold.
Oil prices are in focus after OPEC announced its members agreed to slightly bolster oil production in July. Both Saudi Arabia and its rival Iran are expected to lead a slight increase that should provide some relief to rising global prices. The oil cartel's largest customers have been asking for an increase in production in order to curb rising fuel costs. This morning, West Texas Intermediate crude oil prices reached roughly $69.00 per barrel.
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Harley-Davidson Co. (NYSE: HOG) has weighed in on U.S. trade policy. The company said over the weekend that European Union tariffs could fuel an uptick in prices by at least $2,200 per unit. However, the company said in a statement that it does not plan to raise prices as a result. Instead, the firm plans to shift its production intended for EU sales out of the United States.
General Electric Co. (NYSE: GE) is on the verge of selling its industrial division to private equity giant Advent Capital Management Co. for $3 billion. According to reports, Advent beat out Cummins Inc. (NYSE: CMI) in a bidding war for the lucrative industrial engine group.
Amazon.com Inc. (Nasdaq: AMZN) is ramping up its Prime grocery store sales. The company's Whole Foods Market Inc. (Nasdaq: WFM) savings program has expanded nationwide. After a brief trial period in Florida, Prime members can now access deals in every state. It's bad news for grocery rivals as Amazon continues to expand.
Look for an earnings report from Carnival Corp. (NYSE: CCL). Wall Street analysts project that the cruise line will report earnings per share of $0.60 on top of $4.33 billion in revenue.
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