Update on the latest in business:
Asian shares mostly lower after fresh S&P 500 record high
TOKYO (AP) – Shares were mostly lower in Asia today as the euphoria from President Donald Trump’s truce with China’s Xi Jinping on trade faded.
The retreat followed yet another all-time high for the S&P 500 index Tuesday, though trading in U.S. markets has been subdued ahead of an early closure on Wednesday for the July 4 holiday.
Today, the Shanghai Composite index sank 0.8% while Japan’s Nikkei 225 index lost 0.8%. The Hang Seng in Hong Kong declined 0.2% and South Korea’s Kospi lost 1.2%. But Australia’s S&P ASX 200 advanced 0.5% and the Sensex in India edged 0.1% higher. Shares fell in Taiwan and most Southeast Asian markets.
Yesterday on Wall Street, the S&P 500 rose 0.3% to 2,973.01, the benchmark index’s seventh record high this year. The Dow Jones Industrial Average gained 0.3% to 26,786.68. The Nasdaq composite added 0.2% to 8,109.09. Small-company stocks fell, sending the Russell 2000 index down 0.6% to 1,560.54.
Trump nominates Waller, Shelton for 2 Fed board vacancies
WASHINGTON (AP) – President Donald Trump says on Twitter he will nominate economists Christopher Waller and Judy Shelton to fill two vacancies on the Federal Reserve Board of Governors.
Waller is currently the executive vice president and director of research at the Federal Reserve Bank of St. Louis, where he has worked since June 2009. Shelton is the U.S. executive director for the European Bank of Reconstruction and Development.
Trump’s choices come at a time when he has harshly criticized the Fed under Chair Jerome Powell for choosing not to cut interest rates.
Trump, Buttigieg escalate cash battle with impressive hauls
WASHINGTON (AP) – The battle for campaign cash is escalating.
President Donald Trump posted a massive second quarter haul on Tuesday, while a fresh-faced Indiana mayor outraised Sen. Bernie Sanders, one of the most prominent names in Democratic politics.
Trump’s $105 million take reflects the incredible resources at his disposal as he prepares to fight for reelection. And South Bend Mayor Pete Buttigieg’s (BOO’-tuh-juhj-ehz) $6 million advantage over Sanders shows the intense competition the Vermont senator is facing in a crowded primary.
Together, the early numbers emerging from top campaigns preview the challenges that lie ahead, especially for Democrats.
While Trump amasses a fortune, Democrats worry their long, potentially divisive primary will give the president an advantage going into the general election.
Show of hands on immigrant health care belies a thorny issue
WASHINGTON (AP) – Democratic presidential candidates have moved to the mainstream the idea of providing full health insurance coverage for people who don’t have permission to be in the United States legally.
But turning that debate-night moment into reality would mean reversing longstanding federal policies that exclude people without legal immigration status from major health programs. The idea is so new that there’s no cost estimate.
Doubling down on tough immigration policies, President Donald Trump responded to the Democrats on Twitter: “How about taking care of American Citizens first?”
A CNN poll says a majority of Democrats favors government coverage for those in the country illegally. But among all Americans, 59% oppose the idea.
Not all the health care doors are shut now. Emergency rooms must attend all patients.
Former Chrysler CEO Lee Iacocca has died at age 9
DETROIT (AP) – Ex-Chrysler CEO Lee Iacocca has died at age 94 in Bel Air, California.
Iacocca was a master pitchman. He put the Mustang in Ford’s lineup in the 1960s. Two decades later, he became a corporate folk hero when he resurrected Chrysler.
He was famous for his TV ads from that time, in which he said: “If you can find a better car, buy it!”
Iacocca also wrote two best-selling books and was courted as a presidential candidate for 1988. He had a 32-year career at Ford and Chrysler and helped launch some of Detroit’s most significant cars – including the minivan, the Chrysler K-car and the Ford Escort.
LAS VEGAS SHOOTING LAWSUIT
Family of Las Vegas mas shooting victim sues gun makers
LAS VEGAS (AP) – The family of a woman killed in the Las Vegas mass shooting has filed a wrongful death lawsuit against eight gun makers and three dealers.
The lawsuit, filed late Tuesday in Nevada, alleges AR-15 style rifles could be easily modified to fire like automatic weapons. It targets Colt and seven other gun manufacturers, along with gun shops in Nevada and Utah.
The lawsuit is the latest legal challenge to a federal law shielding gun manufacturers from liability.
The family of 31-year-old Carrie Parsons, of Seattle, argues the firearms are “thinly disguised” machine guns. They charge the manufacturers knew their weapons could be easily modified to allow them to fire in rapid succession.
None of the defendants immediately responded to requests for comment.
Montana man pleads guilty in $43 million fraud
NEW YORK (AP) – A Montana man has pleaded guilty to defrauding a Canadian financial institution of $43 million by posing as a legitimate business owner.
Todd Capser entered the wire fraud plea in Manhattan federal court Tuesday. Prosecutors say the 47-year-old Billings, Montana, man defrauded a Toronto entity and tried to cheat nine other institutions of millions more.
The institution was identified in a lawsuit as Third Eye Capital Corp. Prosecutors say that Capser sought to engender sympathy, deflect questions and explain suspicious behavior by falsely telling some financial institutions that his daughter was dying from cancer.
Sentencing is set for Nov. 8.
Tesla sets quarterly record for deliveries
UNDATED (AP) – Tesla overcame logistics problems to set a quarterly record for deliveries from April through June. Now Wall Street is focusing on whether it will translate into profits.
The electric car and solar panel company says it handed over 95,200 vehicles to customers worldwide, breaking the previous record of 90,700 set in the fourth quarter of last year.
The company rebounded from a dismal first quarter when it delivered only 63,000 of its Model S, X and 3 vehicles, a 31% drop from last year’s fourth quarter.
But many analysts question whether the record sales will turn into profits for the struggling company, and they’re raising questions about demand for Tesla vehicles and its long-term profitability.