Indexes higher on Wall Street … Another extension for Huawei … Survey: most US business economists fear recession within next 2 years
NEW YORK (AP) – Technology stocks were leading indexes higher on Wall Street after the U.S. gave Chinese telecom giant Huawei another 90 days to buy equipment from American suppliers. Chipmakers did especially well in the early going Monday. Nvidia jumped 4.2% and Qualcomm rose 2.5%. At 10:19 a.m. Eastern Time, the Dow was up 221 points at 26,107. The S&P 500 was up 29 points, at 2,917. And the Nasdaq was up 86 points, at 7,982.
NEW YORK (AP) – Commerce Secretary Wilbur Ross says the U.S. will extend by 90 days the ability of Chinese telecommunications giant Huawei (WAH’-way) to buy supplies from U.S. companies. It’s the second extension for Huawei, a company that the U.S. sees as a national security risk. The comments today from Ross on Fox Business News sent shares of U.S. computer chip makers bolting higher. Huawei is China’s biggest phone maker and sales to the company account for a significant portion of revenues for some U.S. suppliers.
WASHINGTON (AP) – President Donald Trump is dismissing concerns about a recession, but most U.S. business economists who responded to a National Association for Business Economics survey believe a recession is in the near future. Thirty-four percent of economists surveyed say they believe a slowing economy will tip into recession in 2021. Another 38% predict that it will occur in 2020. Only 2% of those polled expect a recession to begin this year.
BRUSSELS (AP) – Inflation across the 19-country eurozone has been revised down for July, bolstering expectations that the European Central Bank will provide another shot of stimulus to the single currency bloc next month. Eurostat says consumer prices across the eurozone were up 1% in the year to July, its lowest level since mid-2016, from the previous month’s 1.3%. July’s rate was revised down from the original estimate of 1.1% and means it’s further away from the ECB’s goal of just below 2%.
UNDATED (AP) – A group representing the most powerful CEOs in America has released a new mission statement that implies a foundational shift in its mantra of the shareholder coming first. The new mission statement on “the purpose of a corporation” emphasizes that all stakeholders are important and that includes workers, suppliers, customers and the communities where corporations operate. JPMorgan’s Jamie Dimon, who also chairs the Business Roundtable, says, “The American dream is alive, but fraying.”