Wall Street lower … GM to get rid of 3 Cadillac sedans … Court blocks ‘millionaire tax’ question from MA ballot
NEW YORK (AP) – Global stock indexes are declining today as investors remain concerned about rising trade tensions between the U.S. and China. Among U.S. stocks, technology and health care companies and banks are taking some of the worst losses. At 10:54 a.m. Eastern Time, the Dow was down 162 points to 24,926. The S&P 500 was 9 points lower, to 2,771. And the Nasdaq was down 68 points, to 7,738.
DETROIT (AP) – General Motors says it will get rid of three Cadillac sedans and replace them with two during the next 3 1/2 years. The company says it’s sinking $175 million into a Lansing, Michigan, factory to make two cars that will replace the ATS compact, CTS midsize and XTS full-size cars.
NEW YORK (AP) – The threat of a trade war with Canada is taking a toll on the confidence of U.S. homebuilders. The National Association of Home Builders/Wells Fargo builder sentiment index released today fell two points to 68 in June. A reading of 70 in May temporarily halted snapped a four-month slide. NAHB Chairman Randy Noel says builders are increasingly concerned that tariffs placed on Canadian lumber and other imported products are hurting housing affordability.
WASHINGTON (AP) – The Supreme Court will consider whether the purchasers of iPhone apps can sue Apple over allegations it has an illegal monopoly on the sale of the apps. The court said today that it will take a case from the U.S. Circuit Court of Appeals for the 9th Circuit, which ruled in January that the purchasers of iPhone apps could sue Apple. Their lawsuit says that when a customer buys an app the price includes a 30 percent markup that goes to Apple.
BOSTON (AP) – Massachusetts’ highest court has struck down a proposed “millionaire tax” ballot question, blocking it from appearing before voters in November. Business groups challenged the proposed constitutional amendment that would have imposed a surtax of 4 percent on any portion of an individual’s annual income that exceeds $1 million. The measure called for revenues from the tax to be used for transportation and education.