Stock move lower…Home construction surges…Energy agency: No need for emergency oil supplies
NEW YORK (AP) – Stocks are broadly lower in morning trading on Wall Street ahead of a highly anticipated decision today from the Federal Reserve on interest rates. The Fed is expected to cut its benchmark interest for a second time this year. Industrial, technology and bank stocks are among the biggest losers so far as investors headed cautiously for less-risky holdings.
WASHINGTON (AP) – The pace of U.S. home construction jumped 12.3% last month to a 12-year high on a surge in apartment building. The Commerce Department says housing starts came in at a seasonally adjusted annual rate of 1.36 million, the most since June 2007. Construction of single-family homes rose 4.4% while building of apartments and condominiums surged 30.9% – the biggest monthly gain since December 2016. Construction permits, a signal of future building, rose 7.7%, the highest since May 2007.
DUBAI, United Arab Emirates (AP) – The International Energy Agency says oil markets remain well supplied and it has not yet considered releasing emergency stocks of crude to offset the drop in output caused by the weekend attacks on Saudi oil installations. The Paris-based agency, which can release oil stocks in times of crisis, said today that its member states hold about 1.55 billion barrels of emergency reserves. That amounts to 15 days of world oil demand.
DETROIT (AP) – Union and company bargainers are making progress toward a new contract as a strike by United Auto Workers brought 33 General Motors factories to a halt continued into its third day. UAW spokesman Brian Rothenberg says the talks are moving slowly but progressing. More than 49,000 workers walked off their jobs on Monday.
SAN FRANCISCO (AP) – Facebook is slashing the price and the size of the Portal, its screen and camera-equipped gadget for making video calls with friends and family. A smaller version will now cost $129 and will come with an 8-inch display. A larger version with a 10 inch display will cost $179. A new screenless Portal device that attaches to a television set will be $149. All three go on sale in October.