Live: Trump's tax plan; Apple's iPhone sales; Viacom pins hopes on new Daily Show
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MONEY (MSM)
S&P falls more than 1.5% to below 1900; biotech pressures Nasdaq 2%
U.S. stocks traded lower as uncertainty about the timing of a rate hike and concerns about global economic growth continued to weigh on sentiment.
No shelter for U.S. stocks as trapped global investors flail
Unceasing pressure is being applied across so many global markets that the headline asset class captured by the Dow and S&P has been unable to find its footing.
Qatar sovereign fund plans $35 billion in US investments
Qatar’s government investment fund is making a big bet on the U.S. economy. The OPEC member’s Qatar Investment Authority said Monday it is opening an office in New York and is committed to investing $35 …
US pending home sales fall in August
Fewer Americans signed contracts to buy homes in August, as pending sales slumped amid broader concerns about the U.S. stock market and global economy. The National Association of Realtors said Monday …
Apple reports record sales of iPhone 6s, 6s Plus in first weekend
The company beat its previous record of 10 million in sales for the previous generation of iPhones in its first weekend in 2014. “Customers’ feedback is incredible, and they are loving 3D Touch and Live Photos,” Apple Chief Executive Officer Tim Cook said in a statement. Analysts had said Apple was virtually assured to set a new record for iPhone sales with the inclusion of China, which many expect will
Whole Foods Market to cut about 1,500 jobs
The cuts are aimed at reducing costs as the company invests in technology upgrades, Whole Foods said in a filing. Whole Foods said it would offer employees options including transition pay, severance, or allow them to apply for other jobs. Whole Foods said in May that it would launch a new chain of smaller, more value-focused shops next year.
Trump: Tax plan will be good news for everyone but hedge fund managers
Criticized by Republican presidential rivals as having a loose grip on policy, Donald Trump will lay out a tax plan on Monday that he said will increase the burden on hedge fund managers, cut rates for corporations and the middle class, and eliminate payments for more of the poor. “People in the low-income brackets that are supposed to be paying taxes, many of them don’t anyway,” Trump said during an interview on
US consumer spending up 0.4 percent in August
U.S. consumer spending rose at a healthy rate in August, while income growth slowed after a big jump in July. Consumer spending advanced 0.4 percent compared to July, when spending also increased by 0.4 …
Alcoa splitting into 2 companies
Alcoa will split into two independent companies, separating its bauxite, aluminum and casting operations from its engineering, transportation and global rolled products businesses. The metals maker has …