Stocks lower…Trump tweets tough on trade…Home prices rise at slower pace
NEW YORK (AP) – Stocks are lower on Wall Street as health care and technology companies slip. The early declines bring major indexes further below the records they reached last Friday. Capitol One Financial dropped after reporting a data breach that comprised the personal information of about 106 million people. Investors had a lot of company earnings reports to look over, and several of them came up short of expectations.
WASHINGTON (AP) – President Donald Trump is threatening to get “much tougher” with China on trade if he wins reelection in 2020. Trump is tweeting his frustration as negotiations between the two countries resume today, two months after talks aimed at ending a tariff war broke down. Trump complained that China’s leaders always change the deal to their benefit — and he says that if he wins re-election, the deal the Chinese would get will be much tougher than what is being negotiating now, or he tweets… “no deal at all.”
WASHINGTON (AP) – Home prices rose at a slower pace in May, a sign that affordability pressures are weighing on would-be buyers. The S&P CoreLogic Case-Shiller 20-city home price index increased 2.4% in May from a year earlier. That marks a slight deceleration from the 2.5% annual gain in April. The sluggish growth largely stems from the most expensive markets where years of price growth have undermined affordability.
WASHINGTON (AP) – Consumer spending rose a healthy 0.3% in June, slightly below the strong gains of the past three months, while incomes turned in a solid 0.4% gain for the fourth straight month. Meanwhile, an inflation gauge favored by the Federal Reserve showed prices rising 1.4% over the past year, well below the Fed’s 2% inflation target. Fed officials are widely expected to reduce their benchmark interest rate for the first time in a decade at this week’s meeting, in part because of the continued short-fall in inflation despite strong economic growth and unemployment near a 50-year low.
WASHINGTON (AP) – American consumer confidence rebounded this month to the highest level since November after drooping in June. The Conference Board, a business research group, says its consumer confidence index rose to 135.7 in July from 124.3 in June. The bounce back from last month’s drop was much stronger than economists expected.