Stocks tumble…Wholesale prices tick up…Walmart removes images of violence from stores
NEW YORK (AP) – Stocks are tumbling in morning trading on Wall Street as investors again retreat to safer holdings amid anxiety over trade disputes. Technology stocks are bearing the brunt of the selling. DXC Technology plunged 28% after cutting its financial forecast for the year. Apple and several chipmakers are also down. So are industrial and communications stocks. Shares in Mattel tumbled more than 10% after the toymaker pulled a debt offering upon learning of a letter from an anonymous whistleblower.
WASHINGTON (AP) – Wholesale prices ticked up just 0.2% in July, the latest sign that inflationary pressures are largely in check. The Labor Department says the producer price index – which measures price changes before they reach the consumer – increased 1.7% last month compared with a year ago, the same as June. Excluding the volatile food and energy categories, wholesale prices fell 0.1% in July and rose 2.1% from a year earlier.
UNDATED (AP) – Walmart is removing from all of its stores signs, displays or videos that depict violence following a mass shooting at an El Paso, Texas, store that killed 22 people. The retailer instructed employees in an internal memo to remove any marketing material, turn off or unplug video game consoles that show violent games, and to make sure that no violence is depicted on screens in its electronics departments. Employees were also ordered to turn off hunting season videos in the sporting goods department.
BEIJING (AP) – Huawei (WAH’-way) has unveiled its own operating system for smartphones that it says can replace Android if U.S. sanctions on the Chinese tech giant cut off access to the Google system. Huawei Technologies Ltd., the No. 2 global smartphone brand, says the first handset using the HarmonyOS system will be released tomorrow under its Honor brand. The head of Huawei’s consumer unit, Richard Yu, says the company wants to use Android but can “switch immediately” to HarmonyOS if it loses access to the widely used American system.
PARIS (AP) – The International Energy Agency says the U.S.-China trade war and a decline in world economic growth are weakening the demand for oil. The Paris-based agency, which advises many developed countries on energy policies, cut its forecast for oil demand growth this year and next by 0.1 million barrels a day, to 1.1 million barrels and 1.3 million barrels a day, respectively. The trade war is dragging down demand for energy sources like oil.