NEW YORK (AP) — U.S. stocks are moving higher in early trading today as investors snap up technology companies following China’s move to exempt some U.S. products from a recent round of tariffs. At 10:37 a.m. Eastern Time, the S&P 500 was up 8 points, to 2,988. The Dow was up 50 points, to 26,959. And the Nasdaq was up 52 points, to 8,135.
DETROIT (AP) — Under pressure from the federal government, General Motors is recalling more than 3.4 million big pickup trucks and SUVs in the U.S to fix a brake problem. The recall covers the Chevy Silverado and GMC Sierra 1500, 2500 and 3500 pickups from the 2014 through 2018 model years. Also included are the Cadillac Escalade from 2015 to 2017, and the GMC Yukon and Chevy Suburban and Tahoe from 2015 through 2018. GM says a pump in the power-assist brakes can put out less vacuum power than needed, increasing stopping distance and the risk of a crash.
WASHINGTON (AP) — U.S. wholesale prices edged up a slight 0.1% in August as energy prices took a big plunge, a further sign that inflation is remaining tame. The Labor Department says the gain in its producer price index, which measures inflation pressures before they reach the consumer, followed a modest 0.2% rise in July. Core inflation, which excludes food and energy, rose a stronger 0.3%.
WASHINGTON (AP) — President Donald Trump says the U.S. is missing out economically because “Boneheads” at the Federal Reserve won’t lower interest rates at his insistence. The Fed is meeting next week and is expected to trim its benchmark rate by another quarter point after cutting the rate for the first time in a decade in July. Trump has been pressuring Fed chairman Jerome Powell to drop rates to zero. The rate currently is in a range of 2% to 2.25%.
NEW YORK (AP) — The connected exercise machine company Peloton plans to raise as much as $1.3 billion in an initial public offering of stock. The New York company, known for its stationary bikes that allow users to stream workouts live or on-demand, says it plans to offer 40 million shares. Underwriters will have a 30-day option to buy up to an additional 6 million shares. The stock is expected to be priced in a range of $26 to $29 per share. Users pay thousands of dollars for Peloton machines and about $40 per month for a subscription.