Stocks tumble…Home construction drops…Trump moving to pull out of postage treaty
NEW YORK (AP) – Stocks are tumbling in morning trading on Wall Street following their biggest gain in more than six months. IBM fell after it announced disappointing quarterly revenue and homebuilders are sinking after the Commerce Department said construction of new homes dropped in September. Netflix rose after it announced big subscriber gains. Oil prices were moving lower.
NEW YORK (AP) – Netflix shares are jumping about 6 percent in early trading after the company reported a big increase in subscribers, which relieved investors after the stock had slumped over the summer. The video-streaming service added 7 million subscribers worldwide from July through September, far above the company’s target of 5 million. Shares are trading below the record high of about $423 reached in June. Still, Netflix is one of the top performers in the S&P 500 this year with a gain of 80 percent.
WASHINGTON (AP) – Rising mortgage rates may be weighing on the housing market. The Commerce Department says home construction fell 5.3 percent in September. For the year, housing starts have increased 6.4 percent. But the pace of homebuilding has downshifted since May.
WASHINGTON (AP) – President Donald Trump is initiating the process of leaving the Universal Post Union, which sets flat rates for international postage. That’s according to two administration officials who spoke on the condition of anonymity. Trump argues that the global shipping treaty benefits China and other countries at the expense of U.S. businesses – making it cheaper to ship packages from Beijing to New York than from San Francisco to the East Coast.
TORONTO (AP) – Canada has become largest country with a legal national marijuana marketplace. Sales began early today in Newfoundland. And a federal official tells The Associated Press that Canada plans to pardon all those with convictions for possessing up to 30 grams of marijuana, the now-legal threshold.