Stocks in a dive…Caterpillar falls after warning…Uber to Eat more
NEW YORK (AP) – U.S. stocks are slumping broadly, sending the Dow Jones Industrial Average down more than 500 points and extending the market’s recent string of losses. The latest wave of selling came as investors grew increasingly unsettled by the prospects for China’s economy and the cost of President Donald Trump’s aggressive trade policies.
NEW YORK (AP) – Shares of Caterpillar have tumbled nearly 10 percent after the heavy equipment manufacturer warned today that President Donald Trump’s taxes on imported steel were driving up production costs. Technology companies and banks also took heavy losses.
UNDATED (AP) – Uber says its Eats restaurant food delivery service will grow to cover 70 percent of the U.S. population by the end of 2018. The ride-hailing company says the three-year-old service started this year delivering food in 98 U.S. metro areas. By year’s end it will grow to 243. The service now covers about half the U.S. population mainly in large metro areas. The expansion will be into smaller cities.
FRANKFURT, Germany (AP) – Automaker BMW says it is expanding a recall to cover 1.6 million vehicles worldwide due to possible fluid leaks that could result in a fire. BMW said Tuesday that in some diesel vehicles coolant could leak from the exhaust gas recirculation module, part of the emissions reduction system. The leaks could combine with soot at high temperatures and lead to a fire.
NEW YORK (AP) – The parent company of MoviePass says that it plans to spin off the discount movie ticket subscription service into a separate public company. Helios and Matheson Analytics Inc. says the new subsidiary will be called MoviePass Entertainment Holdings Inc. and be a film production, marketing and exhibition company. Last week it was announced that Helios and Matheson is being investigated by the New York Attorney General on allegations that it misled investors.